TMI Blog2022 (7) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... e. There is nothing on record to indicate that any concession was permitted by the revenue to be made before the Tribunal. Considering the fact that the revenue has been contesting the matter, in our view, the learned Tribunal being the last fact finding authority, in the fitness of things, should record reasons to support its conclusion. Since we find such course having not been adopted by the learned Tribunal, we are inclined to interfere with the order passed by the learned Tribunal and remand the matter back to the learned Tribunal for fresh consideration. - ITAT/3/2020 IA NO:GA/2/2020 (GA/320/2020) - - - Dated:- 21-7-2022 - THE HON BLE JUSTICE T.S. SIVAGNANAM And THE HON BLE JUSTICE BIVAS PATTANAYAK Mr. Aryak Dutta, Adv. .fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee had filed its return of income on 25th September, 2019 showing total income as nil. The case was selected for scrutiny and notice under Section 143(2) of the Act was issued and thereafter under Section 142(1) of the Act was issued and two directors of the respondent company had appeared before the assessing officer and the case was discussed. The assessing officer noted from the balance sheet that Rs.50 lakh was raised as share application money and a short term unsecured loan of Rs.3.15 crore was obtained during the financial year 2011-12 from M/s. K.G. Construction Private Limited. The assessing officer noted that the said company was registered with the Registrar of Companies, Mumbai and it was initially a partnership firm w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ack to the assessee s account through another bank. The learned standing Counsel has referred to the findings recorded by the assessing officer in his order dated 29th March, 2015 with a view to impress upon us that the assessee had used various shell companies which had no creditworthiness as a conduit to route unaccounted money into its books. Further, it is submitted that the assessing officer has clearly recorded a finding as to how the explanation offered by the assessee, in his opinion, was not satisfactory. Unless and until such opinion of the assessing officer is held to be totally wrong, the order could not have been interfered with. In support of his contention the learned Standing Counsel referred to the decision in the case of A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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