2018 (9) TMI 1698

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..... creditors’ funds from which he repaid the assessee. But when elements like collusion between the assessee and the so called creditors or setting up funds with the so called creditors to hold the assessee’s money and to retransfer it to the assessee or any other kind of fraud is involved then the bona fide of the creditors has to be clearly established and their source of fund explained, on a char .....

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..... , the grievance of the appellant is substantial and the Court cannot shut its eyes to it. This would work injustice. Hence, we have decided to remand the matter to the tribunal on a mixed question of law and facts. Our reasons are these. The short question involved in this appeal is that the appellant has been charged by the Income Tax Authorities under Section 68 of the said Act for having une .....

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..... tors or setting up funds with the so called creditors to hold the assessee s money and to retransfer it to the assessee or any other kind of fraud is involved then the bona fide of the creditors has to be clearly established and their source of fund explained, on a charge under Section 68 of the said Act. . In our opinion the learned tribunal has not gone into the issue in detail. It should hav .....

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