- (1.) The application for condonation of delay of 38 days in filing the appeal, after hearing the parties, is allowed. The application being G.A. No.904 of 2015 is thus disposed of.
(2.) The subject matter of challenge in the appeal is a judgement and order dated 10th September, 2014 passed by the learned Income Tax Appellate Tribunal pertaining to the assessment year 2006-07 by which the learned Tribunal reversed an order passed by the CIT (Appeals) concurring with the views of the assessing officer in so far as the addition under section 68 of the Income Tax Act was made. The revenue has come up in appeal. The following questions have been suggested. " (I) Whether the Income Tax Appellate Tribunal was correct in law in deleting the addition of Rs.41,15,000/-, which was made by the Assessing Officer under Section 68 of the Income Tax Act, 1961, and which was upheld by the Commissioner of Income Tax (Appeals) by ignoring the facts recorded by the Assessing Officer as also the Commissioner of Income Tax (Appeals) and whether in such view of the mater the decision of the Tribunal could be said to be perverse? (II) Whether on the facts and in the circumstances of the present case the Tribunal was justified in law in applying the ratio in the case of Dataware Private Limited (being I.T.A.T. No.263 of 2011 passed by the Hon'ble Calcutta High Court) as such decision is clearly distinguishable from the facts of the present case? "
(3.) The facts and circumstances of the case, briefly stated, are that the assessee, in this case, has allegedly received unsecured loans for an aggregate sum of Rs.41,15,000/- from 39 persons.;