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2018 (4) TMI 642 - AT - Income TaxUnexplained cash credit under section 68 - Held that:- Creditworthiness of the concerned creditors and the genuineness of the relevant transactions having been not proved by the person who responded to summons under section 131, the addition made by the A.O. u/s 68 on account of unexplained cash credit was fully justified. As regards the contention raised by the learned counsel for the assessee seeking one more opportunity to the assessee to establish the financial capacity of the creditors, find that the assessee has already been given sufficient opportunity in this regard and there is no evidence filed by the assessee even at this stage before the Tribunal to establish the financial capacity of the concerned creditors. It is thus not a fit case where another opportunity can justifiably be given to the assessee. Therefore, set aside the impugned order of the Ld. CIT(A) on this issue and restore that of the A.O. for making the addition under section 68. Ground No. 1 of the revenue’s appeal is accordingly allowed. Unexplained investment - Held that:- Investment made by the assessee in purchase of land excluding ancillary expenses like stamp duty, registration fees etc. was duly reflected in his balance sheet. A.O. however treated the said investment as unexplained because the relevant entry in the books of accounts was made by the assessee only on 31.03.2012 while the investment was actually made on 22.11.2011. As contended on behalf of the assessee before the CIT(A) in this regard, he was not required to maintain books of accounts and therefore, the conclusion drawn by the A.O. regarding unexplained investment merely on the basis of different dates appearing in the books of account was not justified especially when the said investment was duly reflected in the balance sheet of the assessee. Keeping in view this explanation of the assessee, Ld. CIT(A) deleted the addition made by the A.O. on account of alleged unexplained investment made by the assessee
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