2018 (2) TMI 1738

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....le Mr. Justice Akil Kureshi Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad ["Tribunal" for short] dated 4th May 2017, raising following questions for our consideration :- [a] "Whether in the facts and circumstances of the case, learned ITAT has erred in law and on facts in confirming the order of CIT [A] deleting the addition of Rs. 21,72,700/= made by....

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....nfirmed by the Tribunal. The Tribunal, in particular, noted that the Assessing Officer had not conducted any inquiry with the shareholders, if at all any cash deposits were in their bank account. If at all unexplained cash deposits could be taxed in the hands of the shareholders. View of the Tribunal gets support from the direct decision of the Supreme Court in the case of CIT v. Lovely Exports P ....