TaxTMI 
TaxTMI 
1980 (7) TMI 126
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.... 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 appeal by it. It was urged by the ld. cou....
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....efore 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 the ITO for his examination. 3. We ....
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....rd, 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 that the assessee can be said to have disc....