2017 (4) TMI 1602

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....For the Appellant : Mr. Neelabh Dubey, Advocate. For the Respondent : Ms. Naushina Afrin Ali, Advocate. ORDER ON BOARD PER THOTTATHIL B. RADHAKRISHNAN, CHIEF JUSTICE 1. This appeal is under Section 260-A of the Income Tax Act, 1961 (herein after referred to as 'the Act') filed by the Assessee. 2. We have heard learned Counsel for the Appellant Assessee and learned Counsel fo....

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....opinion that the Assessee has discharged the primary onus that lay on it in terms of Section 68 of the Act and therefore the addition of Rs.15,22,000/- was not sustainable as per law or on facts. Since, the Revenue had not discharged its resultant corollary onus. 4. The Tribunal reversed the decision of the First Appellant Authority at the instance of the Revenue. Hence this Appeal. Admitting t....

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....he course of proceeding under Section 68 of the Act. So much so, notwithstanding, the finality attained by the assessment proceeding in relation to the lender, the borrower is entitled to say that the contents of the returns of the lender and the matters emanating therefrom have to be looked into. In that view of the matter, the First Appellate Authority was justified, also on the basis of the jud....