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2018 (2) TMI 1935 - HC - Income TaxUnexplained investment u/s 68 - Search proceedings - CIT(A) and the ITAT concurrently deleted the amounts brought to tax under Section 68 holding that the relevant enquiry based upon the materials furnished by the assessee had not been made - HELD THAT:- Search in the premises of the Bhushan Steel Group, had led to survey in the premises of various other assessees including M/s Adamine Construction Pvt. Ltd., and in the end the additions made in that case too were deleted. The deletion – again concurrently by the lower appellate authorities was upheld by this Court recently in Principal Commissioner of Income Tax v. M/s Adamine Construction Pvt. Ltd. [2018 (2) TMI 1464 - DELHI HIGH COURT] . ' Here too, the Court has considered the materials. What is evident is that the AO went by only the report received and did not make the necessary further enquiries – such as into the bank accounts or other particulars available with him but rather received the entire findings on the report, which cannot be considered as primary material. The assessee had discharged the onus initially cast upon it by providing the basic details which were not suitably enquired into by the AO. - Decided against revenue
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