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TMI Blog2022 (1) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 for the assessment year 2006-07. The appeal has been entertained on the following substantial question of law: Whether the decision of the Income Tax Appellate Tribunal in affirming the order of the Commissioner of Income Tax (Appeals) is perverse having regard to the materials available on records and in particular the evidence of Chief Finance Officer of the Firm with whom the assessee is alleged to have had transaction ? We have heard Mr. Smarajit Roychowdhury, learned counsel assisted by Mr. Manabendranath Bandopadhyay, learned advocate for the appellant/revenue and Mr. Farhan Ghaffar, learned counsel for the respondent/assessee. The revenue has challenged the order passed by the Tribunal granting relief to the assessee on the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce Officer was produced by the assessee company themselves before the assessing officer and a statement was recorded wherein he has stated that cheques were actually received on 31st March, 2006. There is an error committed by the Data Entry Operators while entering the cheque numbers. CIT(A) after noting the statement given by the Chief Finance Officer proceeded to discuss as to the effect of such statement. The CIT(A) also took note of the remand report which was called for by him and submitted by the assessing officer and ultimately the assessing officer rejected the stand taken by the Chief Finance Officer and also observed that the reply given by him was absolutely vague. Further, the CIT(A) also noted the various question which have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal on its part re-examined the entire facts and in particular the reconciliation statement filed by the assessee. From the statement recorded from the CFO the tribunal found on facts that the reconciliation and the explanation was duly supported by evidence which were on record. That apart, the assessee was called upon to explain various details which formed part of the addition made under Section 68 of the Act by the assessing officer and the Tribunal has recorded that the assessee has explained before it in entirety the reconciliation and also explained all the discrepancies. It was further pointed out by the tribunal that the AO ought to have asked to produce the bills and evidence of delivery of materials such as road challan and accep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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