:1: bgp bgp bgp IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX APPEAL NO.1064 OF 2000 TAX APPEAL NO.1064 OF 2000 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 CORAM CORAM :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, S.J.KATHAWALLA, S.J.KATHAWALLA, JJ. JJ. JJ. DATE DATE DATE : 2ND SEPTEMBER, 2008 : 2ND SEPTEMBER, 2008 : 2ND SEPTEMBER, 2008 P.C. P.C. 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 of the case and in law, the Tribunal failed to appreciate the confirmation letters bearing name, address and income tax numbers of each of the lenders having submitted, the preliminary onus under Section 68 of the Income Tax Act was discharged by the Appellants and it was the Respondent who was supposed adduce material in support of his claim that the loans were not genuine? 3. Whether on the facts and circumstances of the case and in law, the Tribunal failed to appreciate that their action of confirming the addition was contrary to the ratio laid down by 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 Appellant and Respondent, it is categorically agreed, that the Appellant will appear before the Assessing Officer and :2: produce all the requisite evidence, and the Assessing Officer shall consider the evidence whatever that may be produced, and pass a fresh order of Assessment, as expeditiously as possible preferably within a period of one year from today. The impugned orders of Income Tax Appellate Tribunal, Commissioner of Income Tax (A) and the Assessment order are set aside. The learned Counsel for both the parties state that there is no need to record the reasons for the same. In view thereof, the Appeal stands disposed of in terms of the above. (S.J.KATHAWALLA,J.) (S.J.KATHAWALLA,J.) (S.J.KATHAWALLA,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)