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2019 (7) TMI 1497 - AT - Income TaxAddition made u/s 68 - addition made on the basis of specific information of providing loan to the CHL Group which was revealed during search operation and opportunity of cross examination was also provided to the assessee - HELD THAT:- Hon’ble jurisdictional High Court in THE PR. CIT VERSUS SHRI PUKHRAJ SONI [2019 (2) TMI 733 - MADHYA PRADESH HIGH COURT] held that the additions cannot be made merely based on the basis of random sheets, loose papers, computer prints, hard disk and pen drive etc found from the third party without there being any nexus with other incriminating material establishing the live link of the assessee with the alleged transaction. In the instant case also the addition has been made only on the basis of pen drive seized from the third person i.e. Accountant of BHL group. Revenue authorities have failed to establish any connection either business or personal of the assessee with the Accountant or with the Directors of CHL group. No efforts were made by the revenue authorities to summon the Directors of CHL group. Assessee has denied to have entered into the alleged transaction through an affidavit. No other incriminating material was found during the search. Therefore in our considered view CIT (A) was justified in deleting the addition made by the A.O. No interference is therefore called for in the finding of Ld. CIT(A) and the same is confirmed. In the result the appeal of the revenue stands dismissed.
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