In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Manomohan Das, Jm Manoj Anand Ito W-2(2), Ghy Flat 4D, Garima Grand, Aaykar Bhawan, Christian Basti, Departmental Representative B. G.S. Road, Guwahati-781005, Vs. Baruah Road, Guwahati-781007, Assam Assam (Appellant) (Respondent) Pan No. Agbpa9883C

section 68 of the Act. After the Assessing Officer puts the assessee on notice and the assessee submits the explanation with regard to the cash credit, the Assessing Officer should consider the same objectively before he takes a decision to accept or reject it. In Sreelekha Banerjee v. CIT [1963] 49 ITR 112