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2013 (10) TMI 7

Head Note:
Addition u/s 68 of the Income Tax Act – Held that:- The assessee on having parted with the confirmation by the creditors, the bank statements, PAN numbers as well as copy of the acknowledgment of the returns filed by those persons, had duly discharged his obligation, as the law has cast on him, and therefore, if any other further inquiry is necessary, it is for the Assessing Officer to so do and it was also so requested by the assessee while furnishing these details. On Assessing Officer having failed to exercise his discretion, in wake of overwhelming evidences in possession of the Revenue authorities, he was not right in making such additions - Both CIT [A] as well as the Tribunal when have concurrently held on an issue which is predominantly factual in nature, they deleted the addition – Decided against the Revenue.

 


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