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TMI Blog2010 (2) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... he loan of Rs 57 lacs taken from M/s Sri Ram & Company was not reflected in the balance sheet of the assessee. The second objection was that the assessee had not produced the bank statement of M/s Sri Ram & Company. As against this, the assessee had pointed out before the Commissioner of Income Tax (Appeals) as well as before the Income Tax Appellate Tribunal that it had discharged its burden inas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant: Ms P. L. Bansal For the Respondent: Mr Prakul Khurana CORAM: HON'BLE MR JUSTICE BADAR DURREZ AHMED HON'BLE MR JUSTICE SIDDHARTH MRIDUL 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporter or not? 3. Whether the judgment should be reported in Digest? BADAR DURREZ AHMED, J (ORAL) 1. This is an appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th returned findings of fact in favour of the respondent/ assessee. 4. The Assessing Officer had objected on two counts. The first objection was that the loan of Rs 57 lacs taken from M/s Sri Ram Company was not reflected in the balance sheet of the assessee. The second objection was that the assessee had not produced the bank statement of M/s Sri Ram Company. As against this, the assessee h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an of Rs 57 lacs had not been reflected in the balance sheet of the assessee, it was pointed out that the figure of Rs 57 lacs was not apparent inasmuch as a further sum of Rs 6,66,900/- had been credited to the account of the party on account of interest of Rs 7,41,000/- less TDS of Rs 74,100/-. Therefore, the closing balance of the party was Rs 63,66,900/- and the same was duly verifiable from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een returned on these factual questions by the Commissioner of Income Tax (Appeals) as well as the Tribunal in favour of the assessee. In the absence of any perversity in the said findings, we find that no substantial question of law arises for our consideration and there is no cause for us to interfere with the impugned order passed by the Tribunal. Consequently, the appeal is dismissed. BAD ..... X X X X Extracts X X X X X X X X Extracts X X X X
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