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2013 (12) TMI 244 - AT - Income TaxRejection of books of accounts - Held that:- Books of accounts were not produced before the AO during the course of the assessment proceedings but were furnished for the first time before the Ld. CIT(A) - It was not possible for the assessee to complete assessee's books of account in response to summons issued u/s. 131(1) of the Act - the assessee was prevented by reasonable cause for not complying with the summons - The reason for delay in preparation of the books of account has been admitted by the Tribunal - There is no justified reason why the same were rejected as being non admitted by the lower authorities - At the most the books cannot be said to be contemporary but the entries in the books are contemporary and based on the seized documents and bank statements including contract notes - As the reasons for the delay in the preparation of the books of accounts have been conclusively established and accepted - There is no reason why the Ld. CIT(A) should have rejected the book results - The issue was restored for fresh adjudication. Unaccounted investment - Held that:- The AO issued letters to various companies to know the holding in shares of those companies by the assessee in cases where the companies reported higher than the accounted holding - No evidence collected behind the back of the assessee could be used against the assessee unless an opportunity is given to the assessee to rebut the same. As the Revenue authorities have grossly erred in relying upon the evidences collected behind the back of the assessee, the additions based on such materials deserves to be deleted - Decided in favour of assessee. Interest expense - Held that:- Following assessee's own case for A.Y. 1996-97 - The issue was restored for fresh adjudication.
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