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TMI Blog2009 (1) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... 68 - it was imperative for the AO to summon the loanees, and to record their statements u/s 131 – Tribunal is justified in remanding the matter and requiring the AO to issue notices to loanees u/s 131 - 808 of 2008 - - - Dated:- 13-1-2009 - J.S. KHEHAR and NAWAB SINGH JJ. Yogesh Putney for the appellant. JUDGMENT The judgment of the court was delivered by J.S. KHEHAR, J. - The r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration were extended to the assessee by way of transactions through normal banking channels. It is also not a matter of dispute, that the loanees who had extended the loans to the respondent-assessee had extended similar loans for earlier years as well. In the aforesaid view of the matter, there cannot be any dispute about the fact that the nature and the source of the loans came to be appr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal dated 22.2.2008, which is subject matter of challenge at the hands of the Revenue through the present appeal, has taken into consideration the fact that the respondent-assessee had moved an application under section 131 of the Act, requiring the Assessing Officer to summon the loanees, and since the Assessing Officer had taken no action whatsoever to do so, the respondent-asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing required the Assessing Officer to issue notices to the loanees under section 131 of the Act, made way for the assessee to discharge the onus placed on his shoulder under section 68 of the Act. It is only when the aforesaid statements are recorded that the Assessing Officer will be in an effective position to determine the veracity of the submission of the assessee. In the facts and circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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