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2018 (9) TMI 1251 - HC - Income TaxAddition u/s 68 - Held that:- The assessee cannot simply provide some details such as Permanent Account Number, business address, the account which was maintained and a Bank Statement, or a Company's Master Data maintained by the Registrar of Companies. The assessee is obliged to explain the surrounding circumstances and the backdrop in which the transactions took place. In the case of five entities, the Tribunal referred to these details and concluded that the assessee has failed to discharge the burden. When three out of the five assessee could not be served. The rest did not either give a reply, or gave a reply which was not at all satisfactory. The reasons assigned of the order under challenge do not suffer from such legal infirmity or perversity as would enable us to entertain this appeal. The concurrent findings of fact, therefore, are based on appreciation and appraisal of the evidence before the authorities. We cannot take a different view. All the more, when there are no errors of law apparent on the face of the record, particularly in understanding the ambit and scope of Section 68 of the I.T. Act. - Decided against assessee.
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