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2016 (1) TMI 230 - HC - Income TaxBenami transaction - there was no evidence of any type whether Shri Nalnish Aggarwal was a genuine party to the agreement and the payments were actually made by him as per AO - ITAT deleted the addition - Held that:- We find that the CIT(A) as well as the Tribunal had not adverted to the reasons given by the Assessing Officer while holding that the transaction on behalf of the Nalnish Aggarwal was not benami. The reasons recorded by CIT(A) and the Tribunal are neither cogent nor convincing on the basis of which the findings of the Assessing Officer could be validly set aside. Accordingly, the orders are set aside and the matter is remanded to the CIT(A) to decide it afresh after hearing learned counsel for the parties in accordance with law. Needless to say, the CIT(A) shall deal with all the objections on the basis of which the Assessing Officer had held Shri Nalnish Aggarwal to be benami of the assessee. However, it shall be open for the respondent-assessee to produce any evidence in terms of Rule 46A of the Income Tax Rules, 1962 to substantiate that the transaction was genuine and Shri Nalnish Aggarwal was not benami of the assessee - Decided in favour of revenue for statistical purposes.
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