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| The Tax Publishers2020 TaxPub(DT) 0313 (Del-HC) INCOME TAX ACT, 1961
Section 68
Where AO went by only the report received and did not make necessary further enquiries such as into the bank accounts or other particulars available with him but rather received the entire findings on the report, which cannot be considered as primary material, thus, assessee had discharged the onus initially cast upon it and accordingly, appeal of Revenue was dismissed.
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Income from undisclosed source - Addition under section 68 - Unexplained investment -
AO in this case had based upon the search conducted in the premises of a third party, issued re-assessment notice and proceeded to add a sum as unexplained investment under section 68. Amounts received were from 7 entities. CIT(A) and ITAT concurrently deleted the amounts brought to tax under section 68 holding that relevant enquiry based upon the materials furnished by assessee was not made. Held: Court had considered the materials and what was evident was that AO went by only the report received and did not make the necessary further enquiries such as into the bank accounts or other particulars available with him but rather received the entire findings on the report, which cannot be considered as primary material. Assessee had discharged the onus initially cast upon it by providing the basic details which were not suitably enquired into by AO. Thus, appeal of Revenue was dismissed.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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