2013 (4) TMI 865

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..... assessment year 2008-2009 is directed against the order of the CIT(A)-I, Surat dated 24.7.2012. 2. At the time of hearing none appeared on behalf of the assesseerespondent, and accordingly, the appeal of the Revenue is being disposed of ex parte qua the assessee-respondent on merits after hearing the learned DR. 3. The only effective ground of the Revenue is as under: "1. On the facts and cir .....

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..... roduced in the appellate order passed by the CIT(A). In these facts, it cannot be said that no reasonable opportunity was given to the AO by the CIT(A). The AO has submitted his remand report vide his letter dated 11.7.2012, which is reproduced in the appellate order, and the assessee has also furnished his comments on the said remand report vide his letter dated 18.7.2012, which has also been rep .....

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..... e entire amount of deposit could not be taxed as income in the hands of the assessee, and the order of the CIT(A) in assessing the amount representing the peak of cash credit as assessee's income is wholly justified. The Revenue could not give any valid reasons for taking different stand than that of the CIT(A) on this issue. In these facts, we confirm the order of the CIT(A) and the grounds of th .....

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