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2015 (10) TMI 2574 - AT - Income TaxValidity of reassessment proceedings - Held that:- The assessee had furnished evidences, which have been thrown by the assessing officer without making any enquiry thereupon. We find that there is a vast difference between the cases, where there is substantial material to establish collusive arrangement and where the evidences furnished have been thrown without any enquiry. Thus we find that the Assessing Officer has not applied his mind independently for recording the reason that the income of the assessee has escaped assessment. The record further reveals that identity of the creditors is not doubted and the evidences, mentioned above, furnished by assessee in support of share application money received by the assessee through banking channel have not been enquired into and commented upon by the authorities below to doubt the creditworthiness of the creditors and genuineness of the transactions. - Decided in favour of assessee
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