2003 (12) TMI 18

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....by the assessee under section 260A of the Income-tax Act, 1961 ("the Act" for short), is directed against the order, dated December 13, 2002, passed by the Income-tax Appellate Tribunal, Delhi Bench, New Delhi (for short "the Tribunal"), in I.T.A. Nos. 3157, 3371 and 3550/Delhi of 1997, pertaining to the assessment years 1991-92 to 1993-94. By the impugned order, the Tribunal has upheld the additi....

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....nterest on the aforesaid loans? 2. Whether the order of the Income-tax Appellate Tribunal dated December 13, 2002, is not vitiated for ignoring the relevant submission/material while sustaining the impugned addition and disallowance of interest?" Assailing the order, Mr. Salil Agarwal, learned counsel for the appellant, has vehemently submitted that the finding of the Tribunal that the asses....

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....r, (ii) the capacity of the creditor to advance the money, and (iii) the genuineness of the transaction. What evidence would be sufficient to establish the said conditions or what material would be relevant in a particular case, would depend on the facts of each case. There cannot be one general guiding yardstick in the matter. Therefore, the question for consideration is whether the finding of th....

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....as to whether the explanation is satisfactory or not is one of fact and cannot ordinarily be interfered with by this court since learned counsel for the appellant has labelled the findings of the Tribunal as perverse, being based on no evidence, we have glanced through the statements of the three creditors, placed on record. It is evident from the said statements that all the three creditors were ....