TMI Blog2013 (12) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... nt has accepted the repayment of loan without probing into it - Decided against Revenue. - Tax Appeal No. 992 of 2013 - - - Dated:- 2-12-2013 - M. R. Shah And R. P. Dholaria,JJ. JUDGMENT (Per : Honourable Mr. Justice M. R. Shah) 1. Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal (hereinafter referred to as ITAT ) da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 Crores) was not explained satisfactorily. 3. On appeal before the CIT(A) the assessee reproduced the letter dated 22/12/2008 written by the assessee to the Assessing Officer alongwith the confirmation letter of Shri Ishwar Adwani submitting that he had given loan of Rs.1,45,00,000/- to the assessee by cheques and considering the same and considering the fact that the aforesaid loan amount of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and order passed by the ITAT, the revenue has preferred the present Tax Appeal with the aforesaid substantial question of law; 5. Heard Shri Pranav Desai, learned Counsel appearing on behalf of the revenue. The only contention on behalf of the revenue is that on the last day of passing the order, communication dated 22/12/2008 of the assessee alongwith the confirmation letter of Shri Ishwar A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer. It is required to be noted that as such an amount of Rs.1,00,00,000/- vide cheque no. 102110 and an amount of Rs.60 lakhs vide cheque no. 102111 was given to the assessee and out of the total loan of Rs.1.60 Crores, Rs.15 lakhs vide cheque no. 196107 was repaid and, therefore, an amount of Rs.1,45,00,000/- remained outstanding to be paid to Shri Ishwar Adwani. It has also come on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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