TMI Blog2008 (2) TMI 340X X X X Extracts X X X X X X X X Extracts X X X X ..... ts, the creditors have confirmed having advanced loan to the assessee - held that in view of this material, the Assessing Officer was not justified in making addition – no substantial question of law arise - 515 of 2007 - - - Dated:- 13-2-2008 - SATISH KUMAR MITTAL and RAKESH KUMAR GARG JJ. Yogesh Putney for the appellant-revenue. JUDGMENT The judgment of the court was delivered by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT (A) in deleting the addition of Rs. 1,00,000/- made by the Assessing Officer, on account of unexplained investment in purchase of a bus? (iii)Whether on the facts and in the circumstances of the case, the learned ITAT was right in law in upholding the order of the CIT (A) in deleting the addition of Rs. 3,87,696/- made by the Assessing Officer, on account of unexplained loans shown in the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ently, the assessee filed an application for rectification. While allowing the said application, some of the additions were deleted. Thereafter, feeling aggrieved against the remaining additions made by the Assessing Officer, the assessee filed appeal before the Commissioner of Income Tax (Appeals), Karnal [hereinafter referred to as 'the CIT (A)'], who vide his order dated 14.9.2004, while delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eleting the addition of Rs.1,00,000/- made by the Assessing Officer on account of unexplained investment in purchase of bus. (iii)On facts and in the circumstances of the case, the learned CIT (A) has erred in deleting the addition of Rs. 3,87,696/-made on account of unexplained loans shown in the names of M/s Tata Finance Co., and M/s Super Travels by entertaining additional evidence which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, it was found that the CIT (A) was fully justified in deleting the addition of Rs. 1 lakh on that account. Regarding ground No.3, it was observed that the assessee has produced sufficient documents during the appellate proceedings to show that the loan shown in the name of M/s Tata Finance Co. and M/s Super Travels has been received from these parties, therefore, there was no justification t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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