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TMI Blog2024 (3) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... made as assessee could not explain the increase in value of the remaining assets - HELD THAT:- There is increase in the value of liabilities with corresponding increase in the value of assets. In the absence of any finding that there is actual introduction of new capital through cash or banking channels, no addition could have been made u/s 68 since it is the primary requirement that there should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. The sole substantive grievance of the assessee in the captioned appeal is confirmation of addition of unexplained cash credit for Rs. 130.60 Lacs u/s. 68 as made by Ld. Assessing Officer (AO) while framing an assessment u/s 143(3) on 31-12-2019. The assessee s further appeal to learned first appellate authority met with no success and accordingly, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on 31.03.2016 and 31.03.2017, concurred that the assessee revalued the building from Rs. 81.29 Lacs to Rs. 235.71 Lacs without there being any new investment in the building. However, with respect to increase in value of the remaining asset, the assessee could not explain the same. Therefore, the remaining increase in capital for Rs. 130.60 Lacs was added to the income of the assessee as unexpla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rease in the value of liabilities with corresponding increase in the value of assets. In the absence of any finding that there is actual introduction of new capital through cash or banking channels, no addition could have been made u/s 68 since it is the primary requirement that there should be cash credit in the books of accounts. The same is missing in the present case. Therefore, the impugned a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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