2015 (9) TMI 1052

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....year 2007- 08, claiming the following substantial question of law:- On the facts and in the circumstances of the case, Hon'ble ITAT passed the order without considering the facts available on the record that no enquiries were made to verify the genuineness of the deposits and withdrawals made by the assessee in his bank accounts. 2. The facts, in brief, necessary for adjudication of the instant appeal as narrated therein are that the assessee filed his return on 6.11.2007 for the assessment year 2007-08 in the status of individual showing loss of Rs. 1,23,39,833/-. The said return was processed under Section 143(1) of the Act on 30.3.2009. The Assessing Officer framed an assessment vide order dated 26.5.2009 (Annexure A-1). The Commi....

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....r Industrial Co. Ltd. v. Commissioner of Income Tax (2000) 243 ITR 83 (SC) II. Commissioner of Income Tax v. Max India Ltd. (2007) 295 ITR 282 (SC) III. Commissioner of Income Tax v. Munjal Castings (2008) 2 DTR Judgments 20 (P&H) IV. Commissioner of Income Tax v. Unique Autofelts (P) Ltd. (2009) 30 DTR Judgments 231 (P&H) V. Commissioner of Income Tax v. Ratlam Coal Ash Company (1988) 171 ITR 141 (MP); VI. Commissioner of Income-Tax v. Gabriel India Ltd. (1993) 203 ITR 108 (Bom.) VII. Commissioner of Income Tax v. R.K. Metal Works (1978) 112 ITR 445 (P&H). 6. The Hon'ble Apex Court in M/s Kranti Associates Pvt. Ltd. and another v. Sh. Masood Ahmed Khan and others, (2010) 9 SCC 496 while dealing with the requirement of ....

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....traneous considerations. (f) Reasons have virtually become as indispensable component of a decision making process as observing principles of natural justice by judicial, quasi-judicial and even by administrative bodies. (g) Reasons facilitate the process of judicial review by superior Courts. (h) The ongoing judicial trend in all countries committed to rule of law and constitutional governance is in favour of reasoned decisions based on relevant facts. This is virtually the life blood of judicial decision making justifying the principle that reason is the soul of justice. (i) Judicial or even quasi-judicial opinions these days can be as different as the judges and authorities who deliver them. All these decisions serve one common p....

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....nt reasons must be given for judicial decisions". (o) In all common law jurisdictions judgments play a vital role in setting up precedents for the future. Therefore, for development of law, requirement of giving reasons for the decision is of the essence and is virtually a part of "Due Process". 7. According to the revenue, the assessee had declared short term capital loss of Rs. 1,83,68,197/- on the sale of equity shares and long term capital loss amounting to Rs. 22,77,400/- on sale of long term investment in equity shares. The assessee had made deposits to the tune of Rs. 97.50 lacs and withdrawals amounting to Rs. 94,96,560/- from account No. 006601508908 on different dates. The source of credit entries in the bank account was not ex....