Noting that neither the Assessing Officer nor the CIT(A) have taken into consideration the explanation offered by the Assessee during the assessment proceedings in relation to the difference in the.
The Ahmedabad ITAT held that in the absence of the Assessing Officer pointing out as to how despite the assessee s explanation, there was no nexus between the interest-bearing funds and their.
Finding that the AO without examining any of the documents, simply made the addition u/s 68 on account of failure of assessee to produce share subscribers, the Kolkata ITAT held that AO cannot take.