Assessing Officer made addition under section 68 in respect of loans received from  Magunta exports om the ground that lender has filed nil return . On appeal the CIT( A)  accepted all conclusions of Assessing Officer and rejected appeal . On writ the Court held that  since there was nothing to indicate that appellate authority independently applied its mind while drawing conclusions, impugned order was to be set aside and matter was to be remanded back to appellate authority for disposal afresh .  Court also held that the conclusions were in the nature of ipse dixit and no supporting reasons were discernible .   (AY. 2020-21)(SJ)