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2015 (2) TMI 853 - HC - Income TaxBlock assessment - total undisclosed income of ₹ 7,81,85,884 by making the addition of ₹ 7,66,28,884 - CIT(A) deleted the addition also confirmed by ITAT - Held that:- The attempt of the Revenue is to have a re-appreciation and reappraisal of the factual materials. The only two papers which the AO relied upon, namely page 17 of bundle No. 2 and paper No. 55 of bundle No. 2 have been referred to in details. After the seizure, the managing director of the company was required to explain the contents of the paper. The two statements were recorded. The matter has been discussed in detail by the CIT (Appeals) and the Tribunal. Upon a perusal of the explanation given by the managing director and the assessee, the Tribunal concluded that the matter has been elaborately and properly discussed by the CIT(Appeals). Once the version of the assessee and in details deserves acceptance, then, we do not find that any substantial question of law arises from the exercise undertaken by the CIT(Appeals) and the Tribunal. The Assessing Officer had a statement of the accountant before him but he did not examine the said accountant. The author of the document/paper also was not examined during the assessment proceedings. She, however, appeared before the CIT (Appeals). The CIT(Appeals) not only examined her but allowed the Assessing Officer to cross-examine the said deponent. The statement made in chief and the cross-examination, both have been referred by the Tribunal in adequate details. We do not find any perversity or error of law apparent on the face of record in the order passed by the CIT(Appeals) and which has been affirmed by the Tribunal. - Decided in favour of assessee.
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