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2020 (10) TMI 303 - HC - Income TaxAddition u/s 68 - whether Tribunal is right in law in accepting the contentions of the Assessee without giving an opportunity to the AO by way of a remand, particularly, when the Assessee has withdrawn the statement unsuccessfully without legal basis ? - HELD THAT:- Explanation offered by the Assessee was more than probabilized. These are concurrent findings of fact. Besides, as held by the Hon'ble Supreme Court in Sumati Dayal [1995 (3) TMI 3 - SUPREME COURT] the explanations in the context of Section 68 of the Income Tax Act have to be considered in the light of human probabilities and the explanations cannot be unreasonably rejected. Thus, the decision in Sumati Dayal (supra), to a certain extent, supports the case of the Assessee rather than the Revenue. The decision in Killick Nixon Ltd. [2012 (3) TMI 175 - BOMBAY HIGH COURT] turns on its peculiar facts where there were concurrent finding of fact that the transaction in question was a sham and not genuine transaction. In these circumstances, it was held that there was no question of law to be considered. In the present case, there are concurrent findings of fact. Since no case of perversity has been made out, no substantial question of law arises.
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