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2017 (3) TMI 43 - HC - Income TaxRevision u/s 263 - addition u/s 68 - Held that:- It was necessary for the Commissioner and the Tribunal to have examined the issue in this light and to reach their conclusion based on the objections so raised and evidence led by the parties as to whether the amount of ₹ 50 lacs in respect of which additions had been made required to be made under Section 68 of the Act, had been found credited in the books of the account of the assessee in the previous year relevant to the assessment year 2008-09. No such finding having been recorded either by the Commissioner or by the Tribunal, the matter requires to be reconsidered in the light of the objections raised and evidence on record and a clear finding is required to be recorded before a direction could be issued to make such an addition. We, therefore, allow the appeal and remand the matter to the Tribunal to reconsider the matter. The matter on remand may be reconsidered within a period of three months from the date of production of a certified copy of the order before the authority concerned. A certified copy of the order may be placed before the authority concerned within next 15 days.
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