2010 (2) TMI 10

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.... HON'BLE MR JUSTICE SIDDHARTH MRIDUL 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporter or not? 3. Whether the judgment should be reported in Digest? BADAR DURREZ AHMED, J (ORAL) 1. This is an appeal filed by the revenue in respect of the assessment year 1998-1999 arising out of the Income Tax Appellate Tribunal's order date....

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....ounts. The first objection was that the loan of Rs 57 lacs taken from M/s Sri Ram & Company was not reflected in the balance sheet of the assessee. The second objection was that the assessee had not produced the bank statement of M/s Sri Ram & Company. As against this, the assessee had pointed out before the Commissioner of Income Tax (Appeals) as well as before the Income Tax Appellate Tribunal t....

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.... Rs 57 lacs was not apparent inasmuch as a further sum of Rs 6,66,900/- had been credited to the account of the party on account of interest of Rs 7,41,000/- less TDS of Rs 74,100/-. Therefore, the closing balance of the party was Rs 63,66,900/- and the same was duly verifiable from the balance sheet as on 31.03.1998 of the said party. With regard to the objection of the Assessing Officer that the....