2011 (6) TMI 496

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.....   J U D G M E N T   Ramachandran Nair, J.   Heard learned Standing Counsel for the Department and Shri.Jayasankar learned counsel appearing for the respondent assessee.   2. These connected appeals arise from the revised income tax assessments completed under Section 147 of the Income Tax Act on the respondent assessee for the years 1989-90 to 1992-1993. The issue involved .....

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..... sessed in the hands of two others, the credits ceased to be unexplained and in fact stands explained as amounts deposited by those concerns. It is this explanation that was acted by the Tribunal for allowing the appeals. We do not think a different view than what is taken by the Tribunal is possible because once the sister concerns are assessed on the interest income from the very same deposits, t .....

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