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2018 (11) TMI 1006 - AT - Income TaxUnexplained credit and consequential interest on such excess unexplained credit - Held that:- AO made a request to Andhra Bank Manager for confirmation of bank loan and as per the reply received from the bank, there was outstanding of only ₹ 2,95,55,466/- receivable by the bank from the assessee as against the dues shown by the assessee payable to the bank of ₹ 5,90,99,428/- as per the books of the assessee and on this basis, regarding the balance amount of ₹ 2,95,43,962/-, addition was made by the AO as unexplained credit and consequential interest on such excess unexplained credit. CIT(A) has decided the issue on the basis of subsequent confirmation letters received from the bank as per which the outstanding amount as per bank tallied with the outstanding amount as per assessee’s books being payable to the bank. CIT(A) has not obtained remand report from the AO in respect of these additional evidences furnished before him for the first time. Hence, we feel it proper to set aside the order of CIT(A) and restore the matter back to his file for fresh decision after obtaining remand report from the AO - Appeal filed by the revenue stands allowed for statistical purposes.
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