2017 (1) TMI 1011

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..... he Revenue urges that deletion of two amounts i.e. Rs. 50 lacs and Rs. 47.02 lacs, added in the course of the assessment under Section 68 of the Income Tax Act, 1961 (in short the Act) is erroneous. Further to search and seizure proceedings, in respect of unrelated party, based upon materials seized, queries were made in the course of the regular proceedings in the present case for Assessment Yea .....

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..... aid by cheques by third parties which were never subjected to investigation. In addition, the inquiries made from searched parties or the statements were made available to the assessee. In these circumstances, the mere assumption that some of the parties were bogus and that the amounts attributed to them were suspect could not be sustained. So far as M/s Stalwarts Realtors Pvt. Ltd. and the amoun .....

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