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2013 (4) TMI 289 - HC - Income TaxAdditions u/s 68 - assessee respondent is a partnership firm - ITAT deleted the addition stating that Revenue Authorities failed to consider the assessee's request for calling for information u/s 133(6) or u/s 131 - Held that:- The Tribunal has not applied its mind to the various aspects of the case and has allowed the appeal of the assessee by making general remarks. The Tribunal being last fact finding authority should have considered the evidence and material produced by the respective parties in support of its findings. The order of Tribunal is far from satisfactory and therefore, the same cannot be allowed to stand. Also the department submits that in view of the aforesaid judgment of this Court in the case of Jagmohan Ram Ram Chandra (2004 (8) TMI 46 - ALLAHABAD HIGH COURT) the finding recorded by the Tribunal is unjustified wherein held that if an assessee, who is a partner in the partnership firm, has made investments which are not recorded in the books of account maintained by him for any source of income and the explanation given by the partner or individual regarding the source of deposits is disbelieved, then such deposits which are investment can be brought to tax as income from undisclosed sources under section 69. Thus remanding the matter back to the Tribunal to decide the appeal afresh in the light of observations made above keeping in view the ingredients of section 68 and other relevant provisions - in favour of revenue for statistical purposes.
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