2017 (3) TMI 397

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....the Respondent : Nishant Mishra ORDER Heard Shri Piyush Agrawal, learned counsel for the department and Shri Nishant Mishra, learned counsel for the respondent. Since the issue involved in all these 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....

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....#39;ble ITAT has 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 Assessin....

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....der: " In view of the evidences furnished the assessee has discharge his onus to prove identity, creditworthiness of the lender and genuiness of the transaction. The explanation offered by the assessee about the nature and source of unsecured loan/advance of Rs. 2,50,000/- received from Sh. N.D. Bareja is satisfactory in my opinion." We also find a similar conclusion had been drawn by ....