2009 (1) TMI 61

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....EHAR, J. - The respondent-assessee was assessed to tax while taking into consideration the unexplained credit amounting to Rs.29 lacs as income under section 68 of the Income Tax Act, 1961 (hereinafter referred to as "the Act"). The Assessing Officer had also declined the claim of the assessee in deduction of a sum of Rs.3,25,735, claimed as interest, which had allegedly been paid by the assessee ....

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....came to be appropriately disclosed by the respondent assessee to the Assessing Officer. 3. The case of the Revenue at the present juncture is that the assessee had not placed any material before the Assessing Officer depicting the creditworthiness of the loanees. It is also the case of the Revenue in the instant appeal, that the veracity of the information furnished to the Assessing Officer by ....

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....pondent-assessee had not been afforded an adequate opportunity of discharging the onus placed on his shoulder under section 68 of the Act. 5. Having given our thoughtful consideration to the determination rendered by the Income Tax Appellate Tribunal's order dated 22.2.2008, we are satisfied, that it was imperative for the Assessing Officer to summon the loanees, and to record their statements ....