2022 (7) TMI 1269

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....aised the following substantial questions of law for consideration :- i) Whether explanation offered by the assessee in respect of share application for the sum of Rs.50,00,000/- and unsecured loan for the sum of Rs.3,15,00,000/- was satisfactory as per section 68 of the said Act to the extent of the genuineness of transaction, creditworthiness of the company, nature and source of such sum so credited to the assessee's account ? ii) Whether the Learned Tribunal was justified in upholding the deletion made by the Commissioner of Income Tax (Appeals) on account of share application money for Rs.50,00,000/- and unsecured loan for a sum of Rs.3,15,00,000/-? We have heard Mr. Aryak Dutt, learned Standing Counsel appearing fo....

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....ire share application money of Rs.50 lakh and unsecured loan of Rs.3.150 crore as unexplained cash credit under Section 68 of the Act and added back the same to the income of the assessee. The assessee preferred appeal before the Commissioner of Income Tax (Appeals) 5, Kolkata [CIT(A)]. The appeal was allowed by order dated 19th May, 2017. Aggrieved by the same revenue preferred appeal before the Tribunal. We find from the order passed by the learned Tribunal, the findings recorded by the CIT(A) on the two issues were extracted by the Tribunal and it has been stated that the departmental representative could not controvert the factual findings. Before us the revenue would vehemently contend that the Tribunal has not assigned any independ....