hvn IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 580 OF 2008 The Commissioner of Income Tax ... App The Commissioner of Income Tax ... App The Commissioner of Income Tax ... Appellant Versus M/s.Panther Investrade Ltd. ... Respondent Mr. U.P. Patki with Ms.Anamika Malhotra for the Appellant. Mr. A.K. Jasani for Respondent. CORAM: F.I. REBELLO, & CORAM: F.I. REBELLO, & CORAM: F.I. REBELLO, & R.S. MOHITE, JJ. R.S. MOHITE, JJ. R.S. MOHITE, JJ. DATED: JANUARY 27, 2009 DATED: JANUARY 27, 2009 DATED: JANUARY 27, 2009 P.C. P.C. P.C. . The Revenue has framed the questions as set out in Para 5 of the appeal memo. We find that the assessee had approached the I.T.A.T. against the order of the C.I.T.(Appeal). CIT (A) in its order had held that the assessee was not in a position to explain the journal entries in the matter of transfer of funds. . The Tribunal proceeded on the basis of the findings recorded by it in case of some sister concerns. Applying the ratio in those matters to the present appeal, CIT (A) in Para 9 observed that since the issue is covered by those matters. The appeal as field by the Assessee allowed.This order is subject matter of the present appeal. . We are in agreement with the contentions raised on behalf of the Revenue. Though such ground was not raised in the questions of law as formulated, ITAT while answering the issue ought to have recorded first a findings of fact as to whether the facts of the present appeal are similar to those two other matters where the issues were same. The CIT had recorded a finding in favour of the revenue. While reversing the findings of CIT (A) the tribunal was bound to give reasons which in the present case has not been done. . Considering the above, the impugned order is set aside. The matter is remanded back to he tribunal for reconsidering the issue and thereafter applying the principles which had been followed in the other cases, if in law they are so applicable. (R.S. MOHITE, J.) (R.S. MOHITE, J.) (R.S. MOHITE, J.) (F.I. REBELLO,J.) (F.I. REBELLO,J.) (F.I. REBELLO,J.)