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Commissioner of Income Tax, Panchkula Versus M/s. Rajendra Construction

2015 (4) TMI 11 - PUNJAB & HARYANA HIGH COURT

Revision u/s 263 - CIT held that the assessment order was erroneous and prejudicial to the interest of the Revenue in as much as the unproved, unsecured loans, sundry creditors, expenses have been accepted and the income had been under-assessed to that extent - Held that:- No question of law arises in this matter. The ITAT has considered the issues, essentially on facts, in coming to the conclusion that the order of the CIT is not sustainable. It is sufficient to refer to some of the aspects reg .....

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t order was erroneous.

As far as the loan and security in respect thereof was concerned, the ITAT noted that the certificate from the Bank was on record. The Bank statement was also produced by the respondent before the Assessing Officer and before the CIT. Based on the material produced, the ITAT noted that merely because there may be excess cash at a particular point of time, it does not follow that the respondent cannot raise a bank loan.

In view of the nature of the res .....

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- Decided against revenue. - ITA No. 242 of 2014 - Dated:- 10-3-2015 - S. J. Vazifdar, ACJ And G. S. Sandha Walia,JJ. For the Appellant : Mr Yogesh Putney, Adv. For the Respondents : Ms Radhika Suri, Sr. Adv. & Ms Rajni Paul, Adv. ORDER S. J. Vazifdar, Acting Chief Justice (Oral): This is an appeal against the order of the Income Tax Appellate Tribunal (for short, the 'ITAT') dated 23.08.2013, allowing the appeal of the respondent/assessee, against the order of the Commissioner of I .....

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of collateral securities in absence of any documentary evidence; d) non verification of unsecured loan; e) non confirmation from the Sundry creditors; f) non maintenance of stock register; g) non-examination of issue of dis-allowance under Section 40A(3); h) non-examination of business expenses; and i) the issue of penalty qua fresh assessment." Accordingly, the CIT held that the assessment order was erroneous and prejudicial to the interest of the Revenue in as much as the unproved, unsecu .....

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