2017 (6) TMI 403

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....A of the Income Tax Act, 1961. 2. Heard Mr. A.V. Raghuram, learned counsel for the appellant. Mr. B. Narasimha Sarma, learned senior standing counsel for the Income Tax Department, takes notice for the respondent. 3. The appellant/assessee is a partner in a finance Company. He filed his return of income for the assessment year 2007-2008 on 18.02.2008, admitting an income of Rs. 1,55,089/-. ....

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....of Rs. 4.9 crores, by claiming that he invested his own funds to the tune of Rs. 5.00 lakhs, and that he also had funds from seven other persons, by name, Mr. S. Ram Reddy, Mr. K. Raghunath Reddy, Mr. D. Satyanarayana Rao, Mr. A. Narasimha Reddy, Mr. A. Buchi Reddy, Mr. P. Buchi Reddy and Mr. P. Pandu. 6. The Assessing Officer accepted the appellant's contribution of Rs. 5.00 lakhs, but treated....

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....8. The main ground of attack to the order of the Tribunal is that a paper-book filed by the appellant containing the depositions of all those seven persons, from whom the appellant received money, was not at all considered by the Tribunal. Drawing our attention to the depositions of those seven witnesses, it is contended by Mr. A.V. Raghu Ram, learned counsel for the appellant, that instead of loo....