2018 (1) TMI 456

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....ER Judgment was delivered by T. S. Sivagnanam, J Mr.T.R.Senthilkumar, learned Senior Standing Counsel accepts notice for the Revenue. Heard both. 2. This appeal is directed against the order passed by the Income Tax Appellate Tribunal, Chennai 'A' Bench, (Camp : Coimbatore) in ITA.No.2437/ Mds/2016 dated 03.2.2017 for the assessment year 2012-13, raising the following substantial ....

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....o call upon this Court to re-appreciate the factual position. 4. In the order passed by the Commissioner of Income Tax (Appeals), it was pointed out that the assessee was not able to explain with proper and justifiable reasons for showing a huge loan amount from a bank whereas the corresponding investments shown in the books of accounts are correct and that the assessee was not able to explain ....

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....he said two companies were subjected to statutory audit under the Companies Act and that in the auditor's report of the assessee company, it was certified by the Chartered Accountant that the balance sheet and profit and loss account were prepared as per the books of accounts and reflected true and correct working of the assessee company. Thus, the Tribunal held that when both the balance shee....