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2015 (11) TMI 1874 - AT - Income TaxAddition u/s 68 - Assessee purchased tapioca from various farmers - as per CIT-A there is no reference about the middlemen for purchasing tapioca - As per AO transaction was not genuine, the assessee has failed to establish identity of the creditors, creditworthiness of creditors and genuineness of the transaction - HELD THAT:- This Tribunal is of the considered opinion that the CIT(Appeals) has to examine the material facts available on record and record his own reasons for arriving at his conclusion. In this case, the CIT(Appeals) has not recorded any of his reasoning for the conclusion reached in his order. The order of the CIT(Appeals) being a quasi-judicial order, the application of mind shall reflect in the order itself. Reproducing the remand report and reply and thereafter simply rejecting the claim of the assessee on one line cannot be appreciated by the Appellate Authority. Therefore, the order of the CIT(Appeals) is set aside and the matter is remitted back to his file who shall re-examine the issue afresh and pass a speaking order and the order shall reflect the application of mind on material facts available on record - Appeal of the assessee is allowed for statistical purposes.
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