Sec. 68 & 153 of Income Tax Act, 1961— Cash Credit—Addition made under section 68 deleted as assessee has successfully discharged the onus cast upon it u/s 68.

Facts: The assessee is aggrieved by the additions made as unexplained cash credits u/s 68 and assessee has also challenged the validity of the assessment order framed u/s 143(3) r.w.s 147 alleging that the appropriate section is 153.

Held, that since the documents were found at the premises of the searched person, they did not belong to the assessee and the transactions recorded in the seized documents were in the books of the searched person and, therefore, information received from the Investigation Wing was a tangible material evidence which prompted the Assessing Officer to initiate proceedings u/s 148, thus, provisions of section 153C do not apply on the facts of the case in hand, and therefore, jurisdictional issue challenged by the assessee does not hold any water. With regard to the addition made under section 68 , it was held that, the assessee has successfully discharged the onus cast upon it u/s 68, therefore, addition was deleted. - SHAGUN JEWELLERS (P) LTD. V/s ASSTT. CIT - [2020] 26 ITCD Online 083 (ITAT-DELHI)