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2016 (2) TMI 624 - AT - Income TaxAddition u/s. 68 - addition based on statement of third party - Held that:- As assessee during the course of proceedings has discharged its by submitting necessary evidence available to establish the bonafide of the transactions. Thereafter, the onus shifted on the revenue to prove that the claim of the assessee was factually incorrect. Simply by pointing out that the applicant companies did not have sufficient income or that the bank accounts indicated credits and debits in rapid succession leaving little balance does not discharge the burden cast upon the revenue to take an adverse view in the matter. Moreover, if there was statement of a person or any other material indicating tax evasion by the assessee, or persons in control of its management, the material relied upon should have been made available to the assessee in its entirety. We find that this was not done. Therefore, we are in agreement with the Ld. CIT(A) finding that this is not the case where addition should have been made u/s. 153C, but u/s. 147/ 143(3) after making proper enquiries. In the present facts of the case, the addition is not legally sustainable and therefore, was rightly deleted by the Ld. CIT(A), which does not need any interference on our part, hence, we uphold the same and decide the issue against the Revenue. - Decided in favour of assessee
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