TaxTMI 
TaxTMI 
2010 (8) TMI 336
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....erred by the appellant Revenue against the order of the Income-tax Appellate Tribunal, Nagpur (for short "the Tribunal") has been admitted on June 19, 2009 on the following substantial questions of law : "Whether on the facts and circumstances of the case, the learned Tribunal was legally justified in deleting the addition of Rs. 3 lakhs made by the Assessing Officer on account of unexpl....
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....is and FDRs is out of the concealed income and offered for taxation. During the course of hearing, the assessee submitted that the promissory notes/hundis found in the locker was only to the tune of Rs.18,35,000 and not Rs. 27,43,000. The assessee submitted that promissory notes belonged to different persons in the Chhugani family and in support he filed list of promissory notes of each of the fam....
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....his recovery from illness, when he contacted the respondent herein, the respondent informed him that promissory notes were misplaced and thereafter since there was no need of money, he never approached the assessee for the same. 3. The Assessing Officer did not accept the explanation offered by the assessee regarding the above eighteen promissory notes and held that the assessee did adva....
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....family members as well and the Assessing Officer accepted this fact. Further, none of the promissory notes are signed by any of the employees and under these circumstances there is no reason to disbelieve the assessee's explanation that the amount was not given as it was not signed by the proprietor of the said concern. 5. On the basis of the facts of the case, as explained by the Tribun....