TMI Blog2018 (9) TMI 1251X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee is obliged to explain the surrounding circumstances and the backdrop in which the transactions took place. In the case of five entities, the Tribunal referred to these details and concluded that the assessee has failed to discharge the burden. When three out of the five assessee could not be served. The rest did not either give a reply, or gave a reply which was not at all satis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by the Income Tax Appellate Tribunal, C Bench at Mumbai, dated 2532015, for Assessment Year 2009-10. 2. During the year under consideration, the assessee's return showed total loss of ₹ 77,01,919/. That was processed and an order was made on 28122011, assessing the total income at ₹ 1,02,16,950/. The six entities from whom the assessee borrowed sums without se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the paperbook. 4. After having heard Mr. Bhanage at great length and with his assistance perusing the order under appeal, we do not agree with him. The Tribunal has extensively referred to the entities and the details in relation thereto provided by the assessee. It concurred with the First Appellate Authority that the burden on the assessee has not been discharged by it. The assessee cannot si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rent findings of fact, therefore, are based on appreciation and appraisal of the evidence before the authorities. We cannot take a different view. All the more, when there are no errors of law apparent on the face of the record, particularly in understanding the ambit and scope of Section 68 of the I.T. Act. Resultantly, this appeal fails and is dismissed but without any order as to costs. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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