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2017 (5) TMI 1584 - HC - Income TaxAddition u/s 68 - notices never came to be issued to 11 creditors - Held that:- Out of 64 creditors, notices never came to be issued to 11 creditors. Quite apparently, learned Tribunal without discussing the evidence, if any, placed on record by the assessee with regard to the creditworthiness and genuineness of the transactions, proceeded to hold that no addition on account of unexplained credit could be made against the assessee, since the assessee was in the process of installing the plant and had not commenced any business activities. As emerges from the impugned order that assessee vide letter dated 24.11.2008 had requested the Assessing Officer to issue summons against the aforesaid 11 creditors to ensure their attendance for their examination on oath under Section 131 of the Income Tax Act, but Assessing Officer instead of issuing notices under Section 131 of the Act proceeded to decide the case on the basis of material on record - remand back the matter to the Assessing Officer, ITA Baddi to examine and decide the matter afresh on the basis of material adduced on record by the respective parties
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