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TMI Blog2016 (9) TMI 1583X X X X Extracts X X X X X X X X Extracts X X X X ..... the ITAT was incorrect because the assessee did not produce further details apart from the bank account particulars and the documents furnished - HELD THAT:- This court is unpersuaded with these submissions. Reading of the order of CIT (A) shows that remand specifically was sought; after considering the remand report and submission of both the parties, the CIT (A) was satisfied that the documents ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce which was in excess of ₹ 55 lacs, the appellate commissioner brought down the figure of disallowance to ₹ 3.69 lacs. That has been affirmed by the ITAT. Besides being entirely factual, the court is of the opinion that the AO‟s order itself is silent on the particulars as to the advances attributable to the specific assets upon which interest was sought to be disallowed on thre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tails and documentary evidence pertaining to the creditors which the AO took note of but was not satisfied with. On appeal, the AO produced certain additional evidence compelling the CIT (A) to seek a remand report, in view of invocation of Rule 46A of the Income Tax Rules. After appreciation of the remand report, the CIT (A) sustained the addition only with respect to ₹ 1 lac said to have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the proper test to discern the identity genuineness of the transaction and the credit worthiness of parties lending the amount as required by law, especially in Commissioner of Income Tax vs. Lovely Export (P) Ltd. 216 CTR 195 (SC) has been followed. No question of law arises. 5. Likewise the question of interest disallowed upon such transaction on the amounts advanced by such unsecured creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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