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TMI Blog2018 (2) TMI 1738X X X X Extracts X X X X X X X X Extracts X X X X ..... ands of the shareholders - reliance was made on decision of the Supreme Court in the case of COMMR. OF INCOME TAX VERSUS M/S LOVELY EXPORTS (PVT) LTD [2008 (1) TMI 575 - SUPREME COURT OF INDIA]. Disallowance of interest u/s 36(1)(iii) - Held that:- The necessary break up of the fund flow statement and reconciliation of funds used in acquiring the capital assets was not available on record - thu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal, Ahmedabad [ Tribunal for short] dated 4th May 2017, raising following questions for our consideration :- [a] Whether in the facts and circumstances of the case, learned ITAT has erred in law and on facts in confirming the order of CIT [A] deleting the addition of ₹ 21,72,700/= made by the Assessing Officer on account of unexplained cash credit u/s. 68 of the Income Tax Act ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer had not conducted any inquiry with the shareholders, if at all any cash deposits were in their bank account. If at all unexplained cash deposits could be taxed in the hands of the shareholders. View of the Tribunal gets support from the direct decision of the Supreme Court in the case of CIT v. Lovely Exports P Limited, reported in 319 ITR 5. The second question pertains to deletion of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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