2005 (2) TMI 90

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....s are preferred by the Revenue against the common order of the Income-tax Appellate Tribunal, dated July 14, 2004. The assessee has taken loans of a total sum of Rs. 9 lakhs from one Selvasundri and Chitra. The Joint Commissioner of Income-tax, finding that the loans were availed of by the assessee in contravention of the provisions of section 269SS of the Income-tax Act, 1961, issued a notice ....

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....siness of the assessee and the assessee received the money on a Sunday. The Appellate Tribunal has held that merely for the reason that after the amounts were received, the assessee did not utilise the same, it would not go to show that there was no business requirement for the assessee. We therefore hold that on the facts and circumstances of the case, the Appellate Tribunal has rightly come to t....