2007 (7) TMI 701

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r Section 260-A of the Income Tax Act, 1961, the appellant-assessee has formulated the following questions of law from the order of the Tribunal dated 10th November, 2003 passed in I.T.A. No.6488/Mum/97. 1. Whether in the facts and in the circumstances of the case, and in law, the Tribunal erred in treating the loan of ₹ 25,000/- received from Shri D.K. Sanghvi as undisclosed income of t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Assessing Officer. On further appeal filed by the assessee, the Tribunal partly allowed the appeal and confirmed the additions of ₹ 25,000/- each received by the assessee from two cash creditors namely Shri D.K. Sanghvi and M/s.Aqua Trade mainly on the ground that the said two creditors were not assessed to income tax. 6. In our opinion, the fact that the two cash creditors were not ass .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X