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2019 (8) TMI 102 - ITAT AGRAUnexplained credits u/s 68 - share application money - non production of admissible evidence during the course of assessment proceedings - CIT-A deleted the addition - HELD THAT:- For the purpose of bringing home the addition u/s. 68, it is necessary that the onus shifted to the AO is required to be discharged by the AO, as the primary onus had already been discharged by the assessee - besides confirming by way of remand report, the AO in the assessment year 2012-13 in the assessment order had again confirmed that after issuance of notices u/s. 133(6), the share applicants, their confirmations, ITRs etc. were examined/verified and kept on record. Nothing has been brought on record by the AO or by the ld. DR before us which shows that the share applications made were not in accordance with law. Therefore, the addition deleted by the CIT(A) is required to be declared void. In fact, AO is bestowed with ample powers u/s. 133(6) as well as section 142(2) - AO should have exercised all his powers at his ends and should have made enquiries and brought on record some cogent material contradicting the confirmations made in the remand report as well as subsequent assessment order for the assessment year 2012-13. Nothing has been brought on record and therefore, we do not find any perversity or illegality in the order passed by the ld. CIT(A). See FAIR FINVEST LTD [2012 (12) TMI 170 - DELHI HIGH COURT] - Decided in favour of assessee.
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