2014 (9) TMI 827

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....he circumstances of the case, the order of the ITAT is perverse in completely ignoring the findings of the Ld. CIT(A), that evidences in the form of copy of bank account lacked credibility and signature in the return and confirmation letter were different, and that capacity of lender was not established? [B] Whether the Hon'ble ITAT has erred in law holding that TDS was made for payment, when no such claim was made either before AO or before Ld. CIT (A) and no such evidence was produced before them? [C] Whether the Hon'ble ITAT erred in accepting additional evidences in respect of claim of TDS without following the procedure laid down in this regard, and without affording AO the opportunity?" 2. The brief facts leading to the prese....

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....r standing counsel Mr. Sudhir Mehta for the Income Tax Department and Mr. Manish Shah, learned counsel for the respondent - assessee. We have also been taken through the paper-book presented by the respondent. 7. With regard to the first question raised before us, it could be noticed that the assessee which is a firm engaged in the business of manufacturing and sale of bio-organic fertilizers, filed income tax return. The Assessing Officer noticed the receipt of unsecured loan of Rs. 33.34 lacs, which was received from M/s Om Textiles and M/s Elegant Diamond Co. As the genuineness of the transaction and creditworthiness of the persons from whom the said loans were received, was doubted, the Assessing Officer issued notices under section ....

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.... Commissioner (Appeals). 10. We noticed, on independent examination of the material on record also, that not only the confirmation of the amount lent to the respondent assessee has been made available, but subsequently the return of the very amount also in the form of documents, is forming part of the record. This confirmation of accounts gives the details of the PAN number, as also the telephone number of the creditor, whose Form No.2D formed part of his income tax papers and also before the Assessing Officer. It could also be noticed from the bank documents that the company had receipts of M/s Indiam & Company, M/s Elegant Diamond Company for a sum of Rs. 70 lacs and out of the said amount, a sum of Rs. 30 lacs has been given to the respo....