2021 (12) TMI 710

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....Advocate, for the appellant. ORDER AJAY TEWARI, J. (ORAL) Taken up through video conferencing. By this appeal the revenue has challenged the orders of the Commissioner Appeals and the Income Tax Appellate Tribunal, whereby they had set aside the orders passed by the Assessing Officer under Section 68 read with Section 147 and 148 of the Income Tax Act, 1961. The brief facts are that....

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....sed and also enclosed the copy of bank account when the loan was received back by M/s HAWK fright Service. It may be further mention that in the first year balance sheet provision of interest on the loan was there which was paid in subsequent years. We are also enclosing complete balance sheet of the M/s Blessing Investment Ltd as on 31/03/2007 and 31/03/2013. As on 31/03/2013 where total....

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.... company of the assessee. In appeal, the Commissioner Income Tax held that this material could not be held to be justified for adding the amount of investment into the company as income of the assessee and consequently set aside the order. This finding was confirmed by the Tribunal in the appeal filed by the Revenue holding as follows:- " Another fact on the file is that the reopening ....

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....r later on, though creates some suspicion, but in our view, that is not enough for holding that investment made by the M/s Blessing Invests Ltd. was out of unaccounted income of the assessee. We therefore, do not find any merit in the appeal of the Revenue and the same is accordingly dismissed." The first argument of the learned counsel is that both the Commissioner and the Tribunal erred in ho....