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2017 (4) TMI 456 - AT - Income TaxAddition u/s 68 - unexplained credits - Held that:- AO emphasized on the Report of the Investigation Wing of the Income Tax Department about the accommodation entries and believing on the same the AO held that the creditworthiness, identity, genuineness of the transaction could not be proved by the assessee and accordingly, the amount of ₹ 10,01,000/- was treated as unexplained credits as per the provisions of section 68 of the I.T. Act, 1961 and added the same in the hands of the assessee, which establish that AO has not appreciated and corroborated the evidences as filed by the assessee and passed a non-speaking order, which is not sustainable in the eyes of law, which needs to be set aside. However, on the other hand, Ld. CIT(A) has passed a detailed order and upheld the addition made by the AO, but Ld. CIT(A) has not at all appreciated the facts and circumstances of the case as discussed by the AO in the assessment order. We further find that Ld. CIT(A) also not obtained any Remand Report from the AO which is very much essential before adjudicating upon the issue in dispute. We are of the considered view that AO has passed a non-speaking order and Ld. CIT(A) has passed a detailed order and upheld the action of the AO, without discussing and appreciating the facts of the case as narrated by the AO in the assessment order. Therefore, in the interest of justice, we cancel both the orders of the revenue authorities and set aside the issues in dispute raised in grounds of appeal to decide the same afresh
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