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2018 (3) TMI 1883 - AT - Income TaxGenuineness of transaction with that of broker of MCX Stock Exchange - CIT-A found satisfied that the assessee filed all the required details and documents in support of the transactions entered into by it in respect of foreign exchange derivatives - statement recorded during the search & seizure operation - Whether CIT-A is justified in deleting the addition made by the AO by accepting new evidence under Rule 46A of the IT Rules 1962? - HELD THAT:- CIT-A found satisfied that the assessee filed all the required details and documents in support of the transactions entered into by it in respect of foreign exchange derivatives. AO made the addition only on the basis of statement recorded during the search & seizure operation in the premises of the said Shri Sachet Saraf, director of M/s. Marigold Vanijya P.Ltd. The said statement of Mr. Saraf was retracted at a later point of time. CIT-A found satisfied that there was no corroborative evidence which supports the view of the AO that the said transaction was unexplained. No additional evidence, which was filed before the CIT-A, but not before the AO. CIT-A deleted the said addition only on the basis of material/evidence available on record, which were very much before the AO in the re-assessment proceedings. The case laws as relied on by the assessee before the CIT-A were relevant and applicable to the present facts of the case. CIT-A has discussed the each case law thoroughly. CIT-A was justified in deleting the addition made by the AO on this issue. The grounds raised by the revenue in the appeal are dismissed.
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