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2023 (12) TMI 642 - AT - Income TaxSet off of the assessee’s net loss against the addition made u/s 68 - NFAC/Ld.CIT(A) after setting off the net loss of the assessee, the balance amount addition sustained by ld CIT(A) - as submitted balance amount is a very small addition, which is covered by the exempted limit i.e., “maximum amount which is not chargeable to tax of Rs. 2.50 lakh”, as the assessee did not file the return of income - HELD THAT:- NFAC/Ld.CIT(A) has sustained the addition - further note that maximum amount which is not chargeable to tax is to the tune of Rs. 2.50 lakh and after deducting this amount of Rs. 2.50 lakh, there is hardly any addition remains. Also find that assessee has submitted sufficient evidences to prove the genuineness of the transaction. The whole exercise is to be based on facts and it is the duty of the assessing officer to marshal all the facts and come to a logical conclusion about the income of the assessee for the year under consideration. For this reliance is placed on the Judgment of Hon'ble Supreme Court in case of Sreelekha Bannerjee [1963 (3) TMI 47 - SUPREME COURT] wherein it was held that “ before the department rejects such evidence, it must either show an inherent weakness in the explanation or rebut it by putting to the assessee some information or evidence, which it has in possession ” Therefore, considering the above facts and circumstances, we delete the balance addition - Decided in favour of assessee.
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