2018 (8) TMI 1265

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....ni for the Respondent. P.C. : 1. The three questions proposed as substantial questions of law by the Revenue arise out of the order dated 6th February, 2015, passed by the Income Tax Appellate Tribunal, Bench at Mumbai. 2. The Income Tax Appeal before the Tribunal was for the assessment year 2001-02. There were two issues before the Tribunal and involved in the appeal of the assessee. &nb....

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....ank statement revealed that in the relevant period, huge cash has been deposited in this bank account of M/s. Amizara Securities and Finance Pvt. Ltd. from where the drafts had been issued to the assessee. Hence his conclusion was that this is nothing, but a bogus entity formed by the assessee itself. The assessee has used this name as a Private Limited company or as a proprietary concern for conv....

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....g Officer was, therefore, incorrect. It was proved that no unaccounted funds were received by the assessee by way of drafts through the proprietary concern. 6. Thus, no evidence being on record to suggest that the transactions of the assessee with this Private Limited Company were not genuine, the additions were deleted. After this, the Tribunal found that there was no occasion for the Revenue ....