TaxTMI 
TaxTMI 
2011 (9) TMI 175
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....May, 2011, passed by the Income Tax Appellate Tribunal, `A' Bench, Kolkata, in ITA No.783/Kol./2010 relating to assessment year 2001-02, by which the Tribunal has dismissed the appeal preferred by the Revenue. Being dissatisfied the Revenue has come up with the present appeal. The facts leading to the filing of this appeal may be summed up thus. During the previous year relevant to the assessmen....
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....Officer of the creditor as to whether the return submitted by the creditor has been accepted he himself arrived at the finding that the procurement of money by the creditor was not genuine and added the amount to the income of the assessee. Being dissatisfied, the assessee preferred an appeal before the CIT(Appeal) and the said Appellate authority after taking into consideration the entire ....
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....hare below market rate by the creditor had any implication from the income tax angle, the action had to be taken against the creditor and not against the assessee. The CIT(Appeal) thus dismissed the appeal. Being dissatisfied the Revenue preferred an appeal before the Tribunal below and by the order impugned herein the said Tribunal has affirmed the order passed by the CIT (Appeal). Being dissat....
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....bt about the genuineness of such account. In our opinion, in such circumstances, the Assessing officer of the assessee cannot take the burden of assessing the profit and loss account of the creditor when admittedly the creditor himself is an income tax assessee. After getting the PAN number and getting the information that the creditor is assessed under the Act, the Assessing officer should enqui....