The Commissioner of Income Tax-20 v. M/s. Shrim Capital Management
Case at a glance
Key paragraphs
- Para 11. Whether the Tribunal was justified in deleting the addition made on account of unexplained credit, is the question raised in this appeal. Perusal of the order of the Tribunal more particularly para 7 thereof shows that four parties who had issued confirmation of loan…
Judgment
M/s. Shrim Capital Management ..Respondent. Mr. D.K. Kamwal for appellant. Mr. M. Subramanian i/b. V.S. Hadade for respondent. CORAM : J.P. DEVADHAR AND MRS. MRIDULA BHATKAR, JJ. DATED : 1ST FEBRUARY, 2011 P.C. :-
#1. Whether the Tribunal was justified in deleting the addition made on account of unexplained credit, is the question raised in this appeal. Perusal of the order of the Tribunal more particularly para 7 thereof shows that four parties who had issued confirmation of loan letters were not present at their premises at the time when the Income Tax Officer visited their premises. The Tribunal held that in such a case, it cannot be said that the parties are bogus or they did not exist. The Tribunal has recorded a finding of fact that the four persons who had issued the confirmation of loan letters were having Pan numbers and the amount was issued by cheque. In these circumstances, the finding of fact recorded by the Tribunal cannot be faulted. Accordingly, we do not see any merit in the appeal and the same is dismissed with no order as to costs. (MRS. MRIDULA BHATKAR, J.) (J.P. DEVADHAR, J.)
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.