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2015 (9) TMI 501 - HC - Income TaxSpeaking order - excess exemption of income under Section 13A claimed by assessee as per AO - CIT(A) allowed assessee claim do confirmed by ITAT - Held that:- According to the revenue, the assessee had initially claimed that the books of account were lost and the same were not produced on that count. Lateron, the books of account were recovered. However, no date and time etc. were given as to when they were lost and when they were recovered. The entirety of the facts were required to be gone into to test the veracity of the plea taken by the assessee. The order dated 30.6.2014 (Annexure A-III) passed by the Tribunal is not a speaking order giving the detailed reasons dismissing the appeal except mentioning that we find no infirmity in the findings of the CIT (Appeals). The Tribunal being final fact finding authority was required to deal with all aspects of factual matrix and then record its conclusions based thereon. Thus ITAT order set-aside as it does not satisfy the requirements of being a reasoned order as enunciated by the Apex Court in M/s Kranti Associates Pvt. Ltd's case [2010 (9) TMI 886 - SUPREME COURT OF INDIA] - Decided in favour of revenue.
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