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2018 (6) TMI 1378 - AT - Income TaxAssessment u/s 153A - addition u/s 68 - Held that:- Despite query from the bench, assessee did not given the details of plot transacted. This is with reference to the nature of the documents produced by the assessee to justify the identity of the company, creditworthiness of the company and the genuineness of the transactions. No hesitation in holding that the documents produced by the assessee do not inspire any confidence in all the 3 ingredients of section 68 in the present case. We are in disagreement on the issue of findings of the ld CIT(A) that transaction of the Cubic Resource are genuine. We are also in disagreement that cross examination of Shri S.K. Gupta should have been given to the assessee. According to us the assessee has failed to establish the creditworthiness and genuineness of the transaction. But for the only reason that the Ld. AO has invoked the provisions of section 153A of the income tax act to make this addition without any incriminating evidence, respectfully following the decision in Meeta Gutguttia (2017 (5) TMI 1224 - DELHI HIGH COURT) following the decision of CIT versus Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT], we agree with the order of the Ld. CIT – A that there is no incriminating material found during the course of search with respect to this addition. In view of this, we dismiss ground No. 1 and 2 of the appeal of the revenue.
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