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2014 (3) TMI 215 - AT - Income TaxValidity of order u/s 263 of the Act – Proper verifications not made - Held that:- All the authorities have considered the issues wrongly - AO should have verified various credits and debits both cash and cheque in the course of scrutiny and could have examined whether any unaccounted income was earned by way of credits or investments etc., so as to consider invoking the provisions of section 68, 69, 69A which are applicable - AO examined only the outstanding amounts at the end of the year and made the addition on the reason that assessee could not furnish necessary confirmations - CIT(A) also erred in not accepting the additional evidence when sufficient opportunity was not given by A.O. and assessee was in a position to substantiate his transactions - the order set aside and the entire issue of examination of receipts and payments/ deposits in bank and other accounts are required to be examined afresh – thus, the matter remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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