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2015 (4) TMI 827 - HC - Income TaxUnexplained investment in unaccounted purchases and unexplained cash credits introduced to make investment in unaccounted purchases - ITAT allowing the appeal against the order of the CIT (Appeals) who set aside the addition made by the A.O. - Held that:- the balances of two creditors were on the higher side to the tune of ₹ 10 lacs in the balance sheet. The appellant admitted that the figures furnished to the bank were manipulated. The appellant admittedly obtained two sets of accounts which were at a variance. Both the statements of account were audited and signed by the same auditors on the same day. The two sets of accounts were signed by the same partners. No additions were made under Section 68 of the Income Tax Act, 1961 on account of the credits of ₹ 10 lacs. The CIT (Appeals) held that there was no material to show that the appellant made purchases of ₹ 26 lacs outside the books of accounts. In view of these facts, the Tribunal took a different view. The Tribunal also noted that there were also other variances in the two statements of account. It was for the appellant to establish which of the statements were correct. The appellant failed to discharge the onus. - Decided against assessee.
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