COMMISSIONER OF INCOME TAX Vs. SARANAPAL SINGH (HUF)

JUDGEMENT

(1.) THIS appeal has been preferred under s. 260A of IT Act, 1961 (hereinafter referred to as "the Act") proposing following Bench 'B', Chandigarh (hereinafter referred to as "the Tribunal") passed in ITA No. 892/Chd/2009 in respect of asst. yr. 2006 -07 :

(2.) THE AO made addition to the returned income on account of amount received as loan which was treated to be receipt within the meaning of s. 56(2)(v) of the Act. On appeal, the CIT(A) set aside such addition which was upheld by the Tribunal. The Tribunal observed in para 9 as under :

(3.) WE have heard learned counsel for the parties.