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TMI Blog2017 (2) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... revenue's appeal under Section 260-A of the Income Tax Act, 1961 challenging the orders passed by the Income Tax Appellate Tribunal, Jabalpur on 28.7.2016 in ITA No.109/Jab/2010. Respondent Assessee filed a return of income showing 'Nil' income on 26.10.2016 which was later revised on 28.1.2009 and a refund of Rs. 47.47 was issued in favour of the appellant. Subsequently, the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing filed the Appellate Authority and the Tribunal having interfered into the matter, this appeal by the Revenue challenging the orders passed by the Appellate Authority. Even though Shri Sanjay Lal tried to argue that when the 56 shareholders were never produced for giving evidence, merely based on their affidavit if the Assessing Officer has disbelieved the claim of the asseessee, no error has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... areholders who had invested in amount of Rs. 2,55,60,000/- and by placing reliance on various judgments of the Punjab & Haryana High Court, Delhi and Bombay High Court, has recorded a finding to say that if the Assessing Officer had any apprehension with regard to the creditworthiness of the shareholders a proper enquiry should have been conducted by the Assessing Officer and the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t take place of evidence or proof and the Assessing Officer having not carried out his exercise in accordance with law, the Tribunal satisfied itself by going through the record and recording a finding of fact with regard to the creditworthiness and the fact about investment by these 60 shareholders. This, in our considered view with an exercise conduct with regard to enquiry of fact and the same ..... X X X X Extracts X X X X X X X X Extracts X X X X
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