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TMI Blog2023 (2) TMI 1366X X X X Extracts X X X X X X X X Extracts X X X X ..... s made before the Board for Industrial and Financial Reconstruction (BIFR). Subsequent developments which took place before the BIFR as to how the scheme was sanctioned etc., has been brought out in extenso by the learned Tribunal. Addition made in the instant case was based upon the statements recorded from two persons. Tribunal has considered those statements and has pointed out that the assessee was not confronted with those statements nor any opportunity of cross-examination was afforded to the assessee. Tribunal held that nothing turns out against the assessee on the said ground. That apart, the Tribunal also noted that the AO has not independently examined Sri Anand Sharma and has not allowed the assessee to cross-examine the said per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntroduction of entry operators which was subsequently retracted without assigning any reason for such retraction what so ever ? b) Whether on the facts and circumstances of the case the Learned Tribunal was justified in not examining the creditworthiness of the subscriber of the share capital and also immediate source of funds ? We have heard Ms. Smita Das De, learned standing counsel appearing for the appellant and Mr. J.P. Khaitan, learned senior counsel for the respondent/assessee. The issue which falls for consideration in the instant case is whether the learned Tribunal is right in allowing the assessee s appeal by setting aside the order passed by the Commissioner of Income Tax (Appeals) affirming the order passed by the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opment authority, Silvasa for conversion of agricultural land for industrial purposes, after noting the facts the Tribunal found that the assessee had converted the land for utilisation of industrial purpose and for setting up the proposed manufacturing unit as per the joint venture agreement signed on 31st July, 2012 after obtaining requisite sanction and therefore, the Tribunal held that nothing turns out against the assessee on the said ground. That apart, the Tribunal also noted that the Assessing Officer has not independently examined Sri Anand Sharma and has not allowed the assessee to cross-examine the said person and therefore the statement given by the said person could not have been relied upon. Furthermore, the learned Tribunal a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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