PRINCIPAL COMMISSIONER OF INC Vs. RELIABLE EXPRESS

JUDGEMENT

(1.) Heard on the question of admission.

(2.) This appeal has been filed by the Revenue against the consolidated order dated 8.12.2015, passed by the Income Tax Appellate Tribunal, Bench Indore in ITA No.541/ (Revenue's appeal)540 (Assessee's appeal)/Ind/2014 for the Assessment Year 2010-11, by which the learned tribunal allowed the appeal of the assessee and partly allowed the appeal of the Revenue.

(3.) Brief facts of the case are that the assessee is a company incorporated on 31.7.2007 and engaged in the business of handling transportation, lifting and placing various mobile tower etc. since incorporation. The return of income was filed declaring income at Rs.9,77,596/-. In the assessee's appeal the ground was against sustaining addition of Rs.15,49,118/- made on account of unexplained case credit under Section 68 of the Income Tax Act, 1961 (for short 'the Act'). The case of the assessee that Mrs. Purnima Tiwari has advanced unsecured loan of Rs.15 lakhs by account payee cheques. She is assessed to tax since 1987-88. During the assessment as well as in appeal proceedings, the documents relating to the creditor Mrs. Purnima Tiwari like confirmation, PAN Card, copy of ITR, computation of income, capital account and balance sheet and also the letter from the depositor to explain the source of deposit were filed. Copy of the bank statement, ledger account of the assessee in her (creditor) books of accounts were also filed. In addition to this, bank statements of the assessee for the relevant period was also submitted.