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2016 (11) TMI 1301 - AT - Income TaxAddition u/s 68 - assessee contends that the Assessing Officer had made the addition without appreciating the fact that all the said amount of unsecured loans outstanding as on 31/3/2009 are outstanding in books of account for a long time and are reflected in previous years balance sheets - Held that:- In our considered view a perusal of the CIT(A)’s finding in the impugned order would clearly establish that the CIT(A) has not examined, verified or addressed the ground raised by the assessee and regrettably without any application of mind has parroted the finding of of the CIT(A). This finding in our view, is a travesty justice and the impugned order of the CIT(A) becomes unsustainable, as he has failed to examine and verify the contentions put forth by the assessee in the ground raised before him. In the event the said unsecured loans from three parties are found to be old loans and pertain to a period prior to the year under consideration, as contended by the assessee, then the addition under section 68 of the Act as upheld by the CIT(A) cannot be made or sustained. In this view of the matter, we are constrained in the interest of equity and justice to set aside the finding in the impugned order of the CIT(A) and restore the matter to his file to consider and adjudicate the grounds raised before him - Decided in favour of assessee for statistical purposes.
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