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2015 (10) TMI 2426 - ITAT BANGALOREUnexplained cash credits u/s 68 - Held that:- We are inclined to allow the assessee another opportunity only because the addition has been made by the Assessing Officer and upheld by the learned CIT(A) due to the lack of evidence put forth by the assessee. The purpose of assessment is to determine the correct income of the assessee and we are of the view that the assessee has realized his errors and has attempted to file additional evidence before us in an attempt to show that he had sufficient sources to explain the capital introduced in the year under consideration. In this view of the matter, we are of the opinion that the assessee must be afforded an opportunity to establish the same and not reject the said recourse on the ground that the assessee did not appear before the learned CIT(A) earlier. We, therefore, in the interest of equity and justice set aside the orders of the authorities below and restore the matter to the file of the Assessing Officer to consider afresh the matter relating to the addition of ₹ 31,00,000/- u/s 68 after affording the assessee adequate opportunity of being heard. We are not passing any order on the admission of additional evidence put forth by the assessee in terms of Rule 29. However, liberty is given to the assessee to produce before the Assessing Officer material/details/evidence in support of the claim of genuineness of the cash credit. The Assessing Officer shall also be at liberty to examine the matter afresh, gather such evidence, cause any enquiry to be made, etc. in order to verify the veracity of the assessee’s claim and to thereafter decide the matter in accordance with law. - Decided in favour of assessee for statistical purposes.
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