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2013 (1) TMI 430 - HC - Income TaxUnexplained investments u/s 69 - CIT(A)deleted the addition - Held that:- AO was clearly wrong in holding against the assessee by concluding that the assessee had not offered any explanation. It is clear that the assessee had offered an explanation. However, there is no express finding of the CIT(A) or of the Tribunal as to whether the explanation offered by the assessee was satisfactory or not. Although, to be fair to the assessee, an inference could possibly be gathered that the CIT(A) had found the explanation to be satisfactory. But the matter cannot be decided on inferences and the authorities below have to arrive at the clear and express conclusion as to whether the explanation offered by the assessee was satisfactory or not. Also that the Tribunal is the final fact finding authority under the scheme of Income Tax Act and therefore, it is incumbent on the Tribunal to return a finding in clear and express terms. This is so, because it is only when the finding is clear that a question of law based on those findings can be examined by the High Court. Consequently it would be appropriate to remit the matter to the Tribunal to return a clear finding as to whether the explanation offered by the assessee is satisfactory or not - in favour of the revenue by way of remand - parties shall appear before the Tribunal in the first instance on 06.05.2013.
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