2010 (8) TMI 38

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.... J     For the reasons stated in the application, delay in re-filing the appeal is condoned.   Application stands disposed of.   1. The present appeal by the Income Tax Department has been filed under Section 260A of the Income Tax Act,1961 (for brevity "Act 1961") challenging the order dated 28th November, 2008 passed by Income Tax Appellate Tribunal (in short "Tri....

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....at the genuineness of loan transaction of Rs. 12,50,000/- did not stand proved by the respondent-assessee. The AO, in fact, made the addition as he was of the view that unaccounted money of the respondent-assessee company had been deposited in the bank account of the Directors/shareholders and the same then taken as loan from them.   4. However, the Tribunal in the impugned order has delet....

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....y on these presumption the tax authorities below are not justified in treating the loan transactions as non genuine and making the impugned addition and accordingly we are of the opinion that in the existing facts and circumstances this impugned addition of Rs.12.5 lakhs made by the AO and sustained by CIT cannot be upheld and so the order of CIT sustaining the impugned addition is hereby set asid....