9911796707
TMI Blog1980 (7) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... ing that while deciding issue regarding genuineness of the loan transaction between the assessee and Sri Sawarmal Agarwalla the Tribunal has not considered the important evidence, viz., assessment order of Sri Agarwalla for asst. yr. 1973-74 which were furnished before the Tribunal at the time of hearing of the appeal by it. It was urged by the ld. counsel for the assessee that Sri Agarwalla could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... since this was an important piece of evidence it should be admitted. 2. The ld. Deptl. Rep. contended that there is no mistake in the order of the Tribunal in as much as the assessment order in the case of Sri Agarwalla could not be produced before the lower authorities nor could Sri Agarwalla be produced before the ITO for his examination. 3. We have heard the submissions of both the parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essed by the ITO, Purnea on the interest received from the assessee as also from other parties. The ITO while assessing Sri Agarwalla is supposed to have examined the loan transaction between him and the assessee and other parties too. This very fact goes to suggest that Sri Agarwalla was not a man of straw and that the assessee can be said to have discharged his primary onus to prove the genuinen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the loan creditor Sri Agarwalla who was assessed to income-tax on the interest income that was claimed have been received from the assessee. We, therefore, vacate the order of the AAC on this point and set aside the assessment for this limited issue with the direction of re-doing the same in the light of the observations that we have made above and after allowing the assessee opportunity of be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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