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2017 (6) TMI 173 - AT - Income TaxAddition u/s 68 - Held that:- In the present appeal, the Assessing Officer or the Ld. CIT-A, in their orders has not given finding whether the credits in question pertain to the year under consideration or pertain to earlier years. In our view, if the credits in question pertained to earlier years, no addition could have been made in the year under consideration. In the facts and circumstances of the case, we feel it appropriate to restore the issue to the file of the Assessing Officer for verification, whether the amount added under section 68 of the Act are opening balances of the creditors and if that is so, then directed to decide the issue in view of our finding above. If the credits pertain to the year under consideration, then the action should be taken in terms of section 68 of the Act, following the finding of the Tribunal in the case of M/s. Gupta Metal Sheet Pvt. Ltd. (2016 (4) TMI 504 - ITAT DELHI). It is needless to mention that assessee shall be afforded reasonable opportunity of hearing. Accordingly ground of the appeal is allowed for statistical purpose.
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