Products Industries Ltd. Vs. CIT (All) 187 ITR 412 4. Thallbal Jain & Others v. ITO & Anr (Kar)

Rajkumar Impex Private Limited, Chennai vs. PCIT - 4, Chenai

The appeal stand allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

…dealt with in the assessment order, would not make the order erroneous since specific queries were raised which were duly responded to by the assessee. 7. The Ld. CIT-DR has referred to the decision of Third member in the case of Tejinder S. Makkar vs. ACIT (61 ITD 57). Upon study of the same we find that in that case the assessee advanced interest free loans to his wife though bank accounts. The Ld. AO did not conduct enquiry as to the source of advances by the assessee nor the assessee produce any evidence to support the same. Therefore, revision was held to be justified. The same is not the case here and this…