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2017 (3) TMI 397 - ALLAHABAD HIGH COURT

2017 (3) TMI 397 - ALLAHABAD HIGH COURT - TMI - Addition u/s 68 - Held that:- Tribunal in the instant case had examined the evidence on record, the most material being the conclusion drawn by the Assessing Officer after having been required to examine the issue and submit his report before the CIT (Appeals). The Assessing Officer himself having accepted the identity of the creditors, the genuineness of the transactions and the creditworthiness of the creditors in his remand report, it is no long .....

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appeals is identical and arises out of the common order of the Tribunal dated 29.04.2011, the same is being decided by a common judgment and order treating the Income Tax Appeal No.730 of 2012 as the leading case. The income tax appeal no.730 of 2012 has been filed by the assessee under Section 260A of the Income Tax Act, 1961 against the order passed by the Tribunal dated 29.04.2011 for the assessment year 2005-06. We are informed that in pursuance of the earlier order of this Court dated 29.1 .....

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erred in law as well as in the facts and circumstances of the case in giving relief on account of addition being unexplained credits on wrong appreciation of law and without any basis substituting his own satisfaction in place of AO's satisfaction has not discharged his onus as provided in Section 68 of the I.T. Act, 1961." While making the original assessment, the Assessing Officer had made an addition of ₹ 45,50,000/- under Section 68 of the Income Tax Act, 1961 in respect of ca .....

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