M/S.modi Bharatkumar Bhogilal & Co v. Asstt.commissioner Of Income Tax (Inv

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1064 OF 2000 M/s.Modi Bharatkumar Bhogilal & Co. ..Appellant Vs. Asstt.Commissioner of Income Tax (Inv) ..Respondent Ms.Aasifa Khan i/b.S.M.Lala for the Appellant.Mr.D.K.Kamwal for the Respondent. CORAM :- DR.S.RADHAKRISHNAN &S.J.KATHAWALLA, JJ.DATE : 2ND SEPTEMBER, 2008 P.C. 1.Heard the learned Counsel for the parties. The above Appeal was admitted on 21st January,2002 on the following substantial questions of law. 1. Whether on the facts and circumstances ofthe case and in law, the Tribunal failed toappreciate the confirmation letters bearingname, address and income tax numbers of eachof the lenders having submitted, thepreliminary onus under Section 68 of theIncome Tax Act was discharged by theAppellants and it was the Respondent who wassupposed adduce material in support of hisclaim that the loans were not genuine?3. Whether on the facts and circumstances ofthe case and in law, the Tribunal failed toappreciate that their action of confirming theaddition was contrary to the ratio laid downby the Supreme Court in the case of C.I.T Vs.Orissa Corporation (1986) 159 ITR 78? 2.After hearing the parties for some time, by consent of both the learned Counsel for the Appellantand Respondent, it is categorically agreed, that theAppellant will appear before the Assessing Officer and thereof, the Appeal stands disposed of in terms of the above. (S.J.KATHAWALLA,J.) (DR.S.RADHAKRISHNAN,J.)