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2021 (9) TMI 289 - AT - Income TaxAssessment u/s 153A - Addition u/s 68 - assessee has received gift during the year in cash - assessee could not explain the various credits appearing in the bank accounts of the assessee and could not establish the genuineness of the said transactions - HELD THAT:- As noted that during the course of assessment proceedings assessee had not filed the requisite details to the satisfaction of the Assessing Officer for which huge additions have been made - As seen that various additions have been made by the AO which amounts to double addition of the same amount i.e. in the hands of the assessee as well as in the hands of two companies and other relatives. The submission of the assessee during the course of search in his statement recorded u/s 132(4) of the Act that he was a moderator or facilitator of accommodation entries and that only commission income should be considered as his income also has not been considered by the lower authorities. Considering all we deem it proper to restore the issue to the file of the Assessing Officer with a direction to grant one more opportunity to the assessee to substantiate his case and decide the issue as per facts and law. AO while deciding the issue shall also keep in mind the decision of the Hon’ble Delhi High Court in the case of CIT vs Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] - Appeal of assessee allowed for statistical purposes.
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