2018 (2) TMI 1935

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..... spondent : None ORDER The Assessing Officer in this case had - based upon the search conducted in the premises of a third party, issued re-assessment and proceeded to add Rs. 5,50,00,000/- as unexplained investment under Section 68 of the Income Tax Act, 1961 (hereafter referred to as "the Act"). The amounts received were from 7 entities and the AO sought report from the Commissioner at Mumbai .....

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..... 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. The assessee had discharged the onus initially cast upon it by providing the basic details which were not suitably enquired into by the AO. No question of law arises; the appea .....

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