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2021 (7) TMI 82 - AT - Income TaxAddition u/s 68 - unsecured loan - CIT- A deleted the addition - HELD THAT:- We find that the assessee has taken unsecured loans which were found to be receipt from bogus entry operators. Findings in the case of search and seizure amply proved that the receipt was from a company which was benami concern of the bogus entry operator. AO has rejected the documents submitted by the assessee in support of the claim of the genuineness of the loan in view of the extensive findings in the case of search and seizure operation. Finding of the AO inter alia was that what is apparent is not correct and in substance the transaction is bogus. In the present case as we have noted above there is no elaborate exercised by CIT(A) to examine as noted above, rather learned CIT(A) has simply accepted papers submitted by assessee without any comment about the examination thereof. It is settled law that powers of learned CIT(A) are co-terminus with that of the AO. If Assessing Officer had not done some further examination required it is incumbent upon learned CIT(A) to consider that himself. As in the case Shri Kapurchand Shrimal vs.CIT [1981 (8) TMI 2 - SUPREME COURT] where with reference to first appellate authority’s order it was observed that it is the duty of the appellate authority to correct the errors in the orders of the authority below. In this view of the matter, in our considered opinion order of learned CIT(A) is not at all sustainable. - Revenue’s appeal is allowed for statistical purposes.
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