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TMI Blog2016 (10) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... is difficult to understand the basis for this finding as the Tribunal has not considered the assessee’s records which the assessee contends indicate the contrary. The assessee contends that the amounts have been received by him by cheque from persons who are on assessee’s records. Having said that, we must point out that the assessee’s balance-sheet is not very clear in this regard. The amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ardwaj, Advocate, and Mr. Divya Suri, Advocate, for the appellant Mr. Rajesh Katoch, Advocate, for the respondent ORDER S. J. Vazifdar, C.J. ( Oral ) This is an appeal against the order of the Tribunal confirming the order of the CIT (Appeals) pertaining to the assessment year 2009-2010. 2. The appellant contends that the following substantial questions of law arise in this appeal:- "I. Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Act, 1961 in the sum of ₹ 22,96,865/-. The appellant/assessee had in fact filed detailed written submissions which are annexed as Annexure A-10 to this appeal. In paragraph 3, the CIT (Appeals) records that the matter had gone by default on account of the assessee not having pursued the matter seriously. It is apparent that the order did not take into consideration the written submiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had been used for the purpose of business. This finding appears to be contrary to the earlier finding that the amount borrowed on interest had been used towards working capital. Although, this is a record of the appellant's submission before the Assessing Officer, the CIT (Appeals) has not stated that it was incorrect. 4. The Tribunal merely records that the assessee had overdrawn from the capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tructure Private Limited under the heading "Other Liabilities". It is for the assessee to explain that it really is nothing but an interest free loan. If it is an interest free loan, it would make all the difference to the assessee's case. It is not very clear whether this was so stated to the CIT (Appeals) and to the Tribunal or not. 5. In the facts and circumstance of this case, the ends of jus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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