2015 (7) TMI 412

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....008. 2. The appeal is admitted on the following substantial question of law:- "Whether in fact and circumstances of the case, the addition of Rs. 20 lacs is admittedly based on presumption in view of the remand report of the AO and against the material placed on record is sustainable in the eyes of law?" 3. In view of the order we intend passing, it is not necessary to consider the other questions of law raised in paragraph 7 at this stage. They are kept open in the event of it being necessary for the appellant to raise the same in any further challenge pursuant to the order of remand that we intend passing. 4. The appellant entered into an agreement for sale dated 24.07.2006 (the first transaction) under which she agreed to pur....

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....T (Appeals). The CIT (Appeals) called for a remand report. It is important to note that the AO observed that the details in respect of the transactions such as the date on which the amounts were refunded may not have been furnished due to paucity of time. This is a vital fact which has persuaded us to afford the appellant an opportunity of establishing her case on remand. The CIT (Appeals), however, accepted the appellant's case that she had refunded the amount of Rs. 20 lacs to Sandeep Kumar under the second transaction upon the cancellation thereof. 8. The Tribunal, however, reversed this finding holding the same to be perverse. Based on the evidence, as it stood before the authorities including the Tribunal, the finding of fact cannot....