2016 (9) TMI 1534

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....: None ORDER BY THE COURT:- (Per Hon'ble Jhaveri, J.) 1. By way of this appeal, the Department has challenged the judgment & order of the Income Tax Appellate Tribunal dismissing the appeal preferred by the Department and allowing the assessee appeal and reversing the order of CIT(A). 2. Counsel for the appellant has contended that CIT(A) in paragraph no.4 observed as under: ....

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....r construction of his house, repayment of loans, payment of his advance tax, LIC premium, loan installment payment to ICICI Bank etc. and for purchase of land in his own name. Thus money was regularly withdrawn by him from the company and used for his personal expenses." "The AR of the appellant has relied on the findings of Hon. Delhi High Court in the case of CIT vs. CIT vs. Creative Dy....

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....nama was created subsequently. In that view of the matter, the Tribunal has seriously committed an error in reversing the order of CIT (Appeals). 4. We have heard counsel for the appellant. 5. Tribunal while considering the case in Paragraph 6 more particularly internal page 10 has discussed in detail as under: "On 21.8.2009 again he paid Rs. 2 lakhs to compnay, Rs. 9.5 lakhs on 28.....

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.... in case of the assessee but only issue disputed is whether these advances were loan for business purpose or otherwise. The prima facie copy of accounts in the books of the company shows that assessee had paid much more than amount received from the company. The transactions were regular. The assessee produced the evidence before the lower authorities to justify the transaction as a business trans....