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TMI Blog2014 (11) TMI 324X X X X Extracts X X X X X X X X Extracts X X X X ..... rmission to raise the additional grounds as well as the order on merits. The learned counsel for the assessee has submitted that the questions of law, as framed, have not been properly formulated and on his request, we allow him to carry out an amendment in terms of the draft tendered for the purpose of correcting the substantial questions of law. The amendment may be carried out forthwith. As amended, the questions of law read as follows:- "(A) Whether on facts and in the circumstances of the case, it was proper for the Tribunal, while adjudicating additional grounds of appeal, to cast an obligation on the assessee, to establish a negative fact, through shifting of onus, which otherwise, was the onus of the Revenue; i.e. establishing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act was null and void. Hence, it was sought to be urged that the assessee ought to be treated as having been assessed on the returned income by the intimation under Section 143(1) of the Act. The assessee did not raise the issue that he was not served with a notice under Section 143(2) of the Act during the course of the assessment proceedings. The ground was raised for the first time in the appeal before the Tribunal, nearly five years after the appeal was filed, which is not in dispute. Hence, it is clear that the ground was purely an afterthought and had no substance whatsoever. We are, therefore, not inclined to accept the submission on that aspect of the matter. The principal submission which has been raised before the Court pertain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shareholder or the said concern by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company." Learned counsel appearing on behalf of the assessee states that there is no dispute about the applicability of the aforesaid ingredients and the aforesaid provision, save and except for clause (ii). According to the assessee, he had received an advance or loan as a shareholder from the company in its ordinary course of business and the lending of money constitutes a substantial part of the business of the company. The Tribunal has basically considered two aspects. Firstly, the Tribunal relied on the balance sheet of the assessee which indicates that the assessee had obtained ..... X X X X Extracts X X X X X X X X Extracts X X X X
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