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2016 (8) TMI 1170 - ITAT RAJKOTAddition u/s 68 - Held that:- The judgment of the Hon’ble Gujarat High Court in the case of CIT Vs. Ranchhod Jivabhai Nakhava (2012 (5) TMI 186 - GUJARAT HIGH COURT ) has held that the deletion made by the Assessing Officer, based on erroneous approach by wrongly shifting the burden again upon the assessee without verifying the income tax return of the creditors. The position, however, would have been different if those creditors were not income tax assessee or if they had not disclosed those transactions in their income tax returns of if such returns were not accepted by their Assessing Officer. In view of the aforesaid facts, we allow the appeal of the assessee as assessee has given all details pertaining to transaction and thereafter it was the duty of the Assessing Officer to verify details submitted by the assessee but Assessing Officer failed to verify the same. Accordingly, we set aside the order of the CIT(A) - Decided in favour of assessee
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