9911796707
TMI Blog2018 (2) TMI 2113X X X X Extracts X X X X X X X X Extracts X X X X ..... A 181/2018 & CM. APPL. 5609/2018 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... ges that the additions made on account of income from undisclosed sources i.e. by way of suspect credits claimed by the assessee, were set aside without proper appreciation of the circumstances. It is urged that the AO relied upon the statements made by the Directors of the companies, whose credits were sought to be questioned and also upon the account statements of the said companies. As far as d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orts, (2008) 216 CTR 195, was discharged. However, the burden which then shifted to the ITAT of probing deeper was not discharged in the present case. The AO did not make a closer scrutiny of the bank accounts or the statements provided; nor did he probe into the income tax returns of the creditor companies. The AO should not have rested content only on the statement of the Directors, but, also an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e word "advance" in Section 2(22)(e) of the Act. Furthermore, similar decisions have been rendered by various High Courts including this Court in Commissioner of Income Tax vs. Raj Kumar, (2009) 318 CTR 462, Commissioner of Income Tax vs. F. Praveen, (2008) 220 CTR 639 (Mad.) etc. The lone question urged with respect to disallowance of commission, claimed by the assessee for one year, was examine ..... X X X X Extracts X X X X X X X X Extracts X X X X
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