9911796707
TMI Blog2013 (10) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... above discussions. - Income Tax Appeal No. - 36 of 2009 - - - Dated:- 25-10-2013 - Hon'ble Rajiv Sharma And Hon'ble Dr. Satish Chandra,JJ. For the Appellant : D. D. Chopra For the Respondent : Mudit Agarwal ORDER (Delivered by Hon. Dr. Satish Chandra, J) The present appeal has been filed by the appellant-Department under Section 260A of the Income-tax Act, 1961, against the judgment and order dated 28.11.2008, passed by the Income Tax Appellate Tribunal, Lucknow in I.T.A.No.561/luc/2008, for the assessment year 2004-05. On 17.11.2009, a Coordinate Bench of this Court has admitted the appeal on the following substantial question of law:- "Whether, on the facts and circumstances of the case, the Income Tax Tribunal e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of Rs.2,72,500/-. In other words, the department has filed an appeal before the Tribunal for deleting the addition of Rs.72,10,100/-. The Tribunal confirmed the order of the first appellate authority for deleting the additions. Still not being satisfied, the department has filed the instant appeal. With this backdrop, Sri D.D.Chopra, learned counsel for the department has justified the order passed by the A.O. At the strength of the written submissions, he submits that on various dates unsecured loans and credits were taken from the common pool, where the assessee herself, Sri Rohit Rai Sethi, Sri Mohit Sethi, and Ms. Ruchi Sethi were the accounts holders. The assessee was asked to furnish the source of addition and capital account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ectronic Plaza. The assessee was required to produce all the invoices regarding the transfer entries appearing in the bank account No.987 vide ordersheet dated 12.09.2007. Lastly, the A.O. observed that as per the list submitted by the assessee, no debit or credit balance was outstanding against the M/s. Subham India Marketing. This goes to prove that the assessee firm has not made any sales to the firm M/s. Subham India Marketing and the assessee has filed invoices just to form the basis of transfer entries from the bank account of Subham India Marketing to the bank account of the assessee firm. So, a deep investigation is required. But the CIT(A) has deleted the addition by observing that no cash deposits are reflected in the bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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