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2015 (4) TMI 827 - PUNJAB & HARYANA HIGH COURT

2015 (4) TMI 827 - PUNJAB & HARYANA HIGH COURT - TMI - Unexplained investment in unaccounted purchases and unexplained cash credits introduced to make investment in unaccounted purchases - ITAT allowing the appeal against the order of the CIT (Appeals) who set aside the addition made by the A.O. - Held that:- the balances of two creditors were on the higher side to the tune of ₹ 10 lacs in the balance sheet. The appellant admitted that the figures furnished to the bank were manipulated. Th .....

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ese facts, the Tribunal took a different view. The Tribunal also noted that there were also other variances in the two statements of account. It was for the appellant to establish which of the statements were correct. The appellant failed to discharge the onus. - Decided against assessee. - ITA No. 315-2014 (O&M) - Dated:- 24-3-2015 - S. J. Vazifdar, ACJ And G. S. Sandhawalia,JJ. For the Appellants : Mr Pankaj Jain, Sr. Adv. Mr Divya Suri, Adv. Mr Sachin Bhardwaj, Adv. & Mr Deepanshu Jain, A .....

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allowing the appeal against the order of the CIT (Appeals). The CIT (Appeals) set aside the addition made by the A.O. of ₹ 26 lacs on account of unexplained investment in unaccounted purchases and unexplained cash credits introduced to make investment in unaccounted purchases. 2. The appeal raises no question of law leave alone a substantial question of law. Admittedly, there were serious discrepancies between the statement filed before the tax authorities and the statement filed before th .....

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t variance from those furnished to the authorities. The appellant admits the same. The appellant s case is that they deliberately filed a statement before the bank with incorrect particulars in order to avail larger financial facilities. We will proceed on the basis that mere discrepancies in the figures is not a ground for making the addition. The Tribunal, however, has dealt with the facts in considerable detail and on the basis of the evidence available come to the conclusion that the assessm .....

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