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TMI Blog2010 (8) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... tors was recorded wherein he has stated on oath the purpose for which it was withdrawn and since that purpose could not materialize, the same was again deposited in bank and given to the assessee as loan. – Additions made by the AO sustained by the CIT was correctly deleted by the Tribunal - 1243/2010 - - - Dated:- 27-8-2010 - CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red in restoring the matter for fresh adjudication to the Assessing Officer (in short "AO") in respect of addition of ₹ 5,00,000/- as unexplained credit under Section 68 of the Act, 1961. 3. It is pertinent to mention that AO did not dispute either the identity or the creditworthiness of the Directors/shareholders in advancing the loan amount of ₹ 12,50,000/- to the respondent-asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose for which it was withdrawn and since that purpose could not materialize, the same was again deposited in bank and given to the assessee as loan. Against the statement the tax authorities below have not brought on record any evidence to show that this withdrawal of cash was spent by the directors and the unaccounted money of the assessee was deposited in bank accounts of these directors/share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are of the view that as the Tribunal has merely remanded the matter back to the AO so as to give the respondent-assessee an opportunity to furnish confirmation duly signed either by the official liquidator or by a person authorised by it, consequently, no prejudice has been caused to the Revenue. Also, the said finding by no stretch of imagination can be called perverse. 7. Consequently, as no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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