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TMI Blog2010 (8) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... iled under Section 260A of Income Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 6th January, 2010 passed by the Income Tax Appellate Tribunal (in short "ITAT") in ITA No. 4296/Del/2009 for the Assessment Year 2006-2007. 2. The Revenue is aggrieved by the orders of the ITAT and the Commissioner of Income Tax (Appeals) [for short "CIT(A)"] whereby the addition of Rs. 25,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid proceedings, respondent-assessee submitted audited balance sheet wherein the assessee had shown Rs. 2,00,00,000/- as fresh unsecured loan from M/s. P.R. Shiva Finance P. Ltd. Assessee also submitted details regarding loan confirmation. The CIT(A) vide order 4th August, 2009 deleted the addition of Rs. 25,00,000/- made by the AO. The Revenue's appeal against the aforesaid order was dismissed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as, without any basis, estimated the income of the assessee at Rs. 25,00,000/-. 7. Undoubtedly, the AO has the power to frame an assessment under Section 144 of Act, 1961, but while doing so, he must make an honest and fair estimate of the income of an assessee by following rules of natural justice, equity and good conscience. The AO's best judgment and order should have a reasonable nexus to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the submissions, we do not find any merit in it because it is the Assessing Officer who ought to have collected the material by exercising his quasi-judicial powers. The ITAT while sitting in second appellate authority is not obliged to provide a fresh inning to the Assessing Officer to reinvestigate the issues. It is for the revenue to take recourse permissible under the IT Act. We have confront ..... X X X X Extracts X X X X X X X X Extracts X X X X
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