2024 (10) TMI 1717

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.... order dated 31.10.2011 passed by the Hon'ble Supreme Court in Civil Appeal No.8955-8956 of 2011, wherein the apex Court has held as under :- "We are of the view that, in this case, detailed reasons were required to be given by the division Bench of the High Court, particularly when, by the impugned judgement, the High Court has overruled the decision of ITAT. Since statutory appeal lies to the High Court under Section 260A of the Act, the High Court ought to have given it's findings in detail, particularly on the question whether there was any error of law in the decision of ITAT and whether that error caused prejudice to the Revenue. In any event, this Court is of the view that, on the facts and circumstances of this case....

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....ndent(s)/assessee(s) submits that before the Assessing Officer passed an order, a questionnaire was put to him with regard to various entries and to explain the source of cash found during the course of search and seizure. A detailed enquiry was conducted by the Assessing Officer before reaching to conclusions and on four issues i.e. (a) cash found at the premises of the assessee at Panipat House; (b) cash found at Delhi House; (c) unsecured loans; and (d) fresh investment, the respondent(s)/assessee(s) had submitted its details and it is thereafter the Assessing Officer passed an order of assessment. 5. Learned counsel for the appellant/Revenue has, however, pointed out that even after the explanations having been submitted by the respo....