ITAT order cannot be termed erroneous for negligence of Dept

ITO Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai) If we examine the facts of the present case it can be seen that in the previous year relevant to the assessment year under dispute, the assessee had received certain unsecured loan and share capital investment which were examined by the Assessing Officer during the assessment proceedings. The Assessing Officer has observed in the assessment order that funds by way of unsecured loan and share capital have been credited to assessee’s bank account, subscribers are identifiable and transactions are through banking channel. What the Assessing Of...