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2013 (1) TMI 337 - HC - Income TaxSearch & Seizure Undisclosed income - Assessee is a Company engaged in the manufacture of ferrous and non- ferrous castings and forgings In course of search F.D.Rs. 29.10 lakhs found in the name of the workers/employees of the assessee as well as in the names of the assessee's relatives and friends - Revenue treated the same as undisclosed income in the hands of the assessee Creditworthiness of depositor Genuineness of deposits Held that:- The ITAT ought to have taken up the statement of each of the 35 persons who had spoken about the deposits made by them in the associate company HHL , should have considered the same and then give a finding why the conclusion of the assessment officer in regard to them cannot be accepted. Admittedly reasons are the links between the materials on which certain conclusions are based and the actual conclusions. In the absence of reasons based on consideration of facts by the I.T.A.T. in the impugned order to support its conclusion as regards the F.D.Rs. of Rs. 21.60 lakhs, its order to that extent cannot be sustained. Remand back to AO As regards the F.D.Rs. to the tune of Rs.7.50 lakhs comprising Rs. 6.10 lakhs in the names of the employees of the assessee and Rs. 1.40 lakhs in the names of five relatives and friends of the Managing Director are concerned, The I.T.A.T. had given reasons for concurring with the more elaborate reasons given by the A.O. As decided in case of S.N.Mukherjee (1990 (8) TMI 345 - SUPREME COURT) that an appellate authority, if it affirms an order of an original authority which contains reasons, need not give separate reasons if it agrees with the reasons contained in the order of the original authority. Therefore it's decision in regard to the FDRs of Rs. 7.50 lakhs does not warrant any interference and the substantial questions of law answered in favour of revenue
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