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2015 (4) TMI 1363 - AT - Income TaxUnexplained credit u/s 68 - assessee company had received/ taken loan/ amounts - party had not responded to the notice issued u/s 133(6) - AO observed that the copy of account filed by the assessee was simply a piece of paper with a rubber stamp of M/s Sai Soft Securities and copy of account did not bear the PAN no. of the party, the details of the AO assailing the above party and its copy of return were not filed so as to establish the identity of the lender and its capacity to lend money HELD THAT:- Assessee referred to ledger account of M/s Sai Soft Securities in the books of assessee is contained to demonstrate that there were regular transactions between assessee and M/s Sai Soft Securities. We find from the said ledger account that sum was given by assessee through banking channel and there are two debits regarding sale of shares. Thereafter assessee has again given cheque of Rs. 6 lacs. All these transactions are up to 30-10-2006 and thereafter there are two entries relating to purchase of shares and amounts received from M/s Sai Soft Securities. This ledger account has been confirmed by M/s Sai Soft Securities also giving the circle where it is assessed as well as the PAN no. Considering the fact that the assessment was completed on account of being time barring, we are of the opinion that the matter needs to be restored back to the file of AO for de novo adjudication, particularly because in the remand report the AO has not given detailed findings. Assessee’s appeal is allowed for statistical purposes.
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