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2016 (8) TMI 1497 - AT - Income TaxAddition u/s 68 - accommodation entries in the garb of purchase and sale of jewellery - CIT-A deleted the addition and held that the existence of the jewellery was proved from the VDIS, 1997 declaration and the assessee has claimed the sale of the same jewellery, which got tallied with the purchase bills issued by the buyer and assessee has not provided any opportunity to the assessee to explain the material facts on which the Assessing Officer made the addition - HELD THAT:- A.O. could not point out any discrepancy in the evidences relied by the assessee nor bought out any credible evidence to contradict the contention of the assessee. Even if A.O. has some material to reject the assessee’s contention, he should provide an opportunity to the assessee to seek his explanation on such material. Such material does not carry any evidential value in the absence of opportunity to the assessee. Any assessment framed on the basis of such material does not stand in the eye of law - addition made in the assessment order cannot sustain as per law and accordingly the same is directed to be deleted - See SH. MOHAN LAL AGARWAL [2013 (1) TMI 570 - ALLAHABAD HIGH COURT] case - Decided in favour of assessee.
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