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TMI Blog2023 (12) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... corded by the CIT (A) that have been sustained by the learned Tribunal. On specific query made, learned counsel for the revenue could not point to any evidence existing on record as may have led to the conclusion that any part of the investment made in the assessee company by the three investing entities was false or bogus. Prima facie , in face of investment made through banking channel which according to revenue was duly disclosed in the regular returns of the investing entities, there does not exist any presumption or room to disbelieve the investment made in the assessee company. The burden to prove otherwise rested squarely on the revenue authorities. Unless the initial onus had been discharged by leading some evidence that may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the facts and circumstances of the case and in law, the order of the ITAT was perverse on the ground that while deleting the addition of unexplained credits in the hands of assessee company, it did not allude to the material facts, chain of transactions and probative value of the statements and other incriminating facts as pointed out in the assessment order of the assessee as well as that of the investing entities, thus violating the ratio of judgment in case of Sudarshan Silk and Sarees 300 ITR 205 (SC)? 4. Having heard learned counsel for the parties and having perused the record, we find, substantial question of law being raised does not arise in the present facts. It is undoubtedly true, the assessee was a recipient of share c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Lavlesh Jain. 6. Thus, Sri Bishnu Kumar Banka did not prove or disprove the fact of investment made by M/s Jewellock Trexim Pvt. Ltd. in the assessee company. He only claimed ignorance. On its part, the assessing authority failed to call or examine Sri Lavlesh Jain during the assessment proceedings. Instead, he relied on the unproven/untested statement of the said Sri Lavlesh Jain, allegedly recorded during the search proceedings conducted against M/s Jewellock Trexim Pvt. Ltd. 7. Other than the above two statements, the assessing authority further relied on the statements of Sri Raj Kumar Dokania, Sri Sushil Kumar Jain and Sri Murari Lal again recorded during search proceedings. Clearly, no material witness was examined during asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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