1980 (7) TMI 126

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....e crept in our order dt. 18th Sept., 1979 in ITA No. 2477 (Cal) of 1977-78 by stating that while deciding issue regarding genuineness of the loan transaction between the assessee and Sri Sawarmal Agarwalla the Tribunal has not considered the important evidence, viz., assessment order of Sri Agarwalla for asst. yr. 1973-74 which were furnished before the Tribunal at the time of hearing of the appea....

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....al Agarwalla could not be produced before the lower authorities and submitted that since this was an important piece of evidence it should be admitted. 2. The ld. Deptl. Rep. contended that there is no mistake in the order of the Tribunal in as much as the assessment order in the case of Sri Agarwalla could not be produced before the lower authorities nor could Sri Agarwalla be produced before ....

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...., produced before us and placed on record, will show that Sri Agarwalla had been assessed by the ITO, Purnea on the interest received from the assessee as also from other parties. The ITO while assessing Sri Agarwalla is supposed to have examined the loan transaction between him and the assessee and other parties too. This very fact goes to suggest that Sri Agarwalla was not a man of straw and tha....

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....ppearing in the assessee's books of account, with reference to the credit-worthiness of the loan creditor Sri Agarwalla who was assessed to income-tax on the interest income that was claimed have been received from the assessee. We, therefore, vacate the order of the AAC on this point and set aside the assessment for this limited issue with the direction of re-doing the same in the light of the ob....