2018 (2) TMI 2113

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....80/2018 & CM. APPL. 5608/2018 ITA 181/2018 & CM. APPL. 5609/2018 - -<br>Income Tax<br>HON&#39;BLE MR. JUSTICE S. RAVINDRA BHAT And HON&#39;BLE MR. JUSTICE A. K. CHAWLA For the Appellant : Mr. Sanjay Kumar and Mr. Rahul Chaudhary, Standing Counsel For the Respondent : None ORDER The Revenue in these appeals questions the decision of the Income Tax Appellate Tribunal (ITAT), which affirm....

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....sfully appealed the ITAT. The Revenue urges that the additions made on account of income from undisclosed sources i.e. by way of suspect credits claimed by the assessee, were set aside without proper appreciation of the circumstances. It is urged that the AO relied upon the statements made by the Directors of the companies, whose credits were sought to be questioned and also upon the account st....

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.... in Commissioner of Income Tax vs. Lovely Exports, (2008) 216 CTR 195, was discharged. However, the burden which then shifted to the ITAT of probing deeper was not discharged in the present case. The AO did not make a closer scrutiny of the bank accounts or the statements provided; nor did he probe into the income tax returns of the creditor companies. The AO should not have rested content only on....

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....nsactions would not fall within the ambit of the word "advance" in Section 2(22)(e) of the Act. Furthermore, similar decisions have been rendered by various High Courts including this Court in Commissioner of Income Tax vs. Raj Kumar, (2009) 318 CTR 462, Commissioner of Income Tax vs. F. Praveen, (2008) 220 CTR 639 (Mad.) etc. The lone question urged with respect to disallowance of commission, ....