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Vide (2021) 86 ITR (Trib) 174 (ITAT[Indore]) the bench held that the AO is duty-bound to make an independent inquiry even if he has had any inputs of cash credits out of previous actions of search or survey in a particular case.
The bench found that the entire assessment was based upon some statements recorded by the Investigation Wing or by some other authorities on earlier occasions and the AO had not conducted an independent inquiry on his own from the lender companies, despite the assessee’s making a specific request to him to issue summons under section 131 or letters under section 133(6) to the lender companies.
Having discharged his initial burden the assessee managed to win his case.

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