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2016 (11) TMI 445 - AT - Income TaxAddition u/s 68 - borrowed fund from depositor - creditworthiness of the depositor had not been proved by the assessee - Held that:- In this case, after discharging of initial onus, ld. AO raised serious concerns about the claim of the assessee, its veracity and genuineness. These concerns have not been replied by the assessee. Ld. CIT(A) without adverting to these crucial facts has gone on a tandem to hold that the source of source cannot be examined by the AO. The fact of the matter is that the AO intended to verify the correctness of the claim canvassed the assessee himself. The assessee did not endeavour to examine the source of source on its own. The ld. AO is an Investigation Officer and if the assessee files some documents, it is within the investigation power of the AO to raise questions on those documents. It cannot be held to be amounting to exploring the source of source. Therefore, in our considered opinion, the assessee has failed to meet with the rebuttal of the ld. AO as enshrined in Section 68 thus the onus which shifted to assessee has not been discharged. - Decided against assessee
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