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2022 (8) TMI 264 - AT - Income TaxAdmission of additional evidence by CIT-A - Addition u/s 68 - DR argued that CIT(A) admitted the fresh evidence submitted by the assessee without considering the fact that assessee failed to furnish the said evidence before the Assessing Officer even despite sufficient opportunity been granted - HELD THAT:- Except for the two parties, who could not be verified during the remand proceedings, the Assessing Officer in the remand report did not record any adverse findings regarding genuineness of the source of credit from other share applicants. Accordingly, learned CIT(A) admitted the additional evidence filed by the assessee and restricted the disallowance under section 68 of the Act only in respect of the transaction with aforesaid two parties. From the perusal of the record, we are of the considered view that when reasonable opportunity was granted by the CIT(A) to the Assessing Officer to examine the additional evidence filed by the assessee, and complete verification of all the details was done, in the remand proceedings, by the Assessing Officer, admission of additional evidence filed by the assessee cannot be faulted by taking a pedantic approach. - Decided against revenue. Insofar as the merit is concerned, as noted above, the Assessing Officer in the remand proceedings did not record any adverse findings regarding the share applicants except the two parties, who could not be verified. Accordingly, vide impugned order, learned CIT(A) restricted the disallowance under section 68 only in respect of the transaction with the aforesaid two parties. Thus, in view of the above, we find no infirmity in the impugned order passed by the learned CIT(A) in the present case. As a result, grounds raised by the Revenue are dismissed.
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