ASST CIT CC 1 (3), MUMBAI vs. M/S KEY TECH, MUMBAI

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2008-09

u/s 148. The operative part is reproduced as under: “Held, (i) that the Income-tax Officer had not even come to a prima fade conclusion that the loan transactions to which he referred were not genuine transactions : he appeared to have only a vague feeling that they might be bogus transactions. Such a conclusion did not fulfil the requirements

ARVIND HANJARIMAL JAIN,MUMBAI vs. ASST CIT 31 (2), MUMBAI

In the result, all the appeals filed by the assessee are allowed