Section 68 of Income Tax Act, 1961— In the instant case, AO has made the addition of sum Rs .16,20,000/- received by the assessee as 'advance under section 68 of the Act as unexplained cash credit’. It is noted that pursuant to notice issued by AO u/s 142(1) of the Act, the assessee explained that it had received sum of Rs. 16,20,000/- from M/s Dhoot Infrastructure Projects Limited towards sale of shares to them.

Held that— The assessee furnished the complete details including name, address, PAN, Bank statement highlighting the transaction before the AO.   We also note that the Ld. CIT(A) has called for the remand report twice, however, the AO did not raise any adverse view about the veracity of the documents filed by assessee, therefore, the addition of sum Rs .16,20,000/- received by the assessee as 'advance’ as unexplained cash credit under section 68 of the Act was not warranted and therefore the Ld CIT(A) rightly deleted the addition. So, we are inclined to confirm the order of the Ld. CIT(A) and dismiss the ground of appeal raised by the revenue.[D.C.I.T., CIRCLE-4 (2) , KOLKATA VRESUS M/S. R.M. COMMERCIAL PVT. LTD.] [2019] 20 ITCD Online (25) [ITAT KOLKATA]