2011 (6) TMI 727

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.... Revenue under Section 260A of the Income Tax Act, 1961("the Act" for short) against order of ITAT dated 8.9.2009. Revenue has proposed following question of law for our consideration : "Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in confirming the order of the Appellate Commissioner deleting the addition of ₹ 15,00,000/made ....

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....credit under section 68 of the Act was added by the Assessing Officer and disallowance to the tune of ₹ 15,00,000/had been made. Assessee challenged the same before CIT(Appeals). CIT(Appeals) discussed the issue at length on the basis of factual matrix presented to it. CIT(Appeals) came to the conclusion that in case of four parties named in the order, all of whom were having PANs, had refle....