2013 (12) TMI 12

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....- Sc,A. N. Mahajan,B. Agrawal ORDER 1. We have heard Shri Dhananjai Awasthi, learned counsel appearing for the department. 2. This Income Tax Appeal filed under Section 260-A of the Income Tax Act arises from an order of Income Tax Appellate Tribunal, Agra Bench, Agra dated 27.1.2005 for assessment year 1989-90. 3. The appeal has been preferred by the department on following substantia....

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.... Neeraj Kumar-the assessee firm. The CIT (A) by his order dated 27.11.1997 remanded the matter of cash credit to examine and to find out whether confirmations were given by the creditors. 5. The ITAT allowed the assessee's appeal and restored the matter of disallowance of cash credit only to the file of CIT (A) to examine the issue denovo. 6. The Revenue's appeal No.97/Agr./98 for assessment....

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.... 7. The Tribunal also found that the appellant had offered explanation about the nature and source of deposits from M/s Suresh Jewellers, the proprietary concern of Shri Suresh Chand Agarwal. An opportunity was also provided by the CIT (A) that since the parties were not produced for examination, no credence could be given to the evidence filed in the appeal. The CIT (A) did not find any necessity....

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....eal is concerned, we do not find that the questions of law as framed by the department arise for consideration as all the loans were old and only transfer entries were made during the year under consideration. We also do not find any error in the observations of the ITAT that the amount brought by the partners of the assessee firm in the capital account is to be assessed in their individual hands ....