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2021 (3) TMI 426 - AT - Income TaxAddition u/s 68 - unexplained cash credit - HELD THAT:- We hold that the authorities below have rightly invoked provisions of Section 68 of the 1961 Act and held that cash deposits in the assessee’s ICICI Bank accounts to the tune of ₹ 3,22,68,500/- was the money of the assessee which was deposited by assessee in his bank accounts, during the year under consideration, and these two creditors namely Mr. Anuj Sonkar and Mr. Siddharth Agarwal in whose name the assessee has allegedly shown to have credited these amounts are bogus creditors. We uphold the orders of authorities below and hold that Section 68 was rightly invoked in the instant case. Allowability of set off of loss of current year against income assessed to tax by AO by invoking provisions of Section 68 - AO had denied the set off of current year loss owing to provision of Section 115BBE - HELD THAT:- CIT(A) has not adjudicated on the applicability of Section 115BBE as was in statute at that time, while adjudicating appeal of the assessee. The decision of ld. CIT(A) is reproduced in preceding para’s of this order . The assessee being aggrieved has raised ground number 4 in memo of appeal filed with tribunal agitating that the authorities are silent as to set off of current year loss against income charged to tax u/s 68 of the 1961 Act. Thus, in the fitness of things, interest of justice and fair play to both the parties, we are restoring this issue of invocation of Section 115BBE of the 1961 Act by AO for denying set off of current year loss against income assessed u/s 68 of the 1961 Act to the file of learned CIT(A) for fresh adjudication and to pass speaking and reasoned order as to applicability of Section 115BBE read with Section 68 on the facts and circumstances of the assessee’s case before denying set off of current year loss against income charged to tax u/s 68 of the 1961 Act, in set aside remand proceedings.
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