2016 (9) TMI 1583

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....ate For the Respondent : Mr.Ved Jain and Mr.Pranjal Srivastava, Advocates ORDER 1. Two questions of law urged by the revenue in this appeal pertain to (1) the additions made under Section 16 (8) of the Income Tax Act to the income returned by the assessee/respondent and, (2) disallowance of interest on the borrowings used for acquisition of non-business assets and non-business purposes. 2. As ....

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....art from the bank account particulars and the documents furnished. 3. This court is unpersuaded with these submissions. Reading of the order of CIT (A) shows that remand specifically was sought; after considering the remand report and submission of both the parties, the CIT (A) was satisfied that the documents particularly the bank accounts statements revealed that the creditors were not fictitio....