COMMISSIONER OF INCOME TAX Vs. MUKESH B BHANDARI

JUDGEMENT

(1.) THIS Tax Appeal is filed by the Revenue challenging the judgment of the Tribunal dated 29.1.2010 raising following question for our consideration : "Whether the Appellate Tribunal is right in law and on facts in restoring the issue of claim of loss of Rs.23,90,675/- to the file of Assessing Officer, despite there being evidence to hold that the transaction was bogus?"

(2.) TAX Appeal is admitted for consideration of the above substantial question of law. Learned advocate Mrs.Soparkar who appears on caveat waives service of notice. Considering the nature of dispute involved we heard the learned counsel for the parties for final hearing of the appeal forthwith.

(3.) COUNSEL for the Revenue has vehemently contended that when there was voluminous evidence on record, the only ground that one of the witnesses could not be offered for cross-examination should not have weighed with the Tribunal. He further submitted that the order of remand would only be a futile exercise. Our attention was drawn to the discussion in the order of the CIT(Appeal), where independently of the evidence of Shri Ashok Gupta also, the Commissioner was of the opinion that there was sufficient evidence to hold that the transaction was not genuine.