2022 (2) TMI 1393

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....<br>Income Tax<br>Hon&#39;ble The Chief Justice Mr. Akil Kureshi Hon&#39;ble Mr. Justice Sudesh Bansal For the Appellant : Mr. Anil Mehta, Sr. Adv. with Mr. Siddharth Bapna through VC. For Respondent : Mr. Sanjay Jhanwar, Sr. Adv. with Mr. Rajat Sharma through VC. JUDGMENT There are defects in some of the appeals. The same are waived. D.B. Civil Misc. Application Nos.1799/2019 in D.B. ITA No.114/2019 and D.B. Civil Misc. Application Nos.1800/2019 in D.B. ITA No.116/2019:- For the reasons stated in the applications and those made out before us during the course of arguments, delay caused in filing these appeals is condoned. Applications stand disposed of. D.B. Civil Misc. Application Nos.69776/2019, 69780/2019, 70920/201....

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....e companies? 3. Whether, on the facts and in the circumstances of the case the Hon'ble ITAT was justified in upholding order of the CIT (A) on account of unexplained partners capital receipts from alleged partners by observing that the burden cast upon the assessee under section 68 of the Income Tax Act, 1961 to explain the nature and source of transaction has been discharged? 4. Whether, on the facts and in the circumstances of the case the Hon'ble ITAT was justified in upholding order of CIT (A) in deleting the addition of partners capital despite the fact that the alleged partners were never produced before the learned assessing officer for examination? 5. Whether, on the facts and in the circumstances of the c....

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.... the assessee had produced the affidavit and the notices issued by the assessing officer under Section 131 and 133(6) of the Act which was duly complied by the creditors. The statement of director of Ms. Royal Crystal Dealers Pvt. Ltd. was also recorded by the assessing officer while the director has confirmed the transaction of loan. The tribunal further observed that the assessment order was passed solely on the report of the Investigation Wing, Kolkata which merely contained the narration of the statements recorded during the investigation and the assessing officer had in his possession only the statement of Anand Sharma. The tribunal was of the opinion that the assessing officer could not have made the additions in the hands of the asse....