Assessment Order u/s 68 Quashed Due to Hasty Issuance and Irrelevant Case Law References.

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....Unexplained cash credit - Addition u/s 68 - Since the assessment was becoming time barred, the AO has passed the impugned Assessment Order in a hurried manner even without pointing out any defect or discrepancy in the evidences and details furnished by the assessee and even without giving reasonable time of appearance to the concerned directors of the share holding companies. Even, we find that the case laws relied upon by the AO in the Assessment Order are also not applicable to the facts and circumstances of the present case as in those cases - Additions deleted - AT....