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Section 68 of the Income-tax Act, 1961 - Cash Credit - Assessment year 1995-96 - Where Tribunal, on appreciation of material on record, found that cash credit was not genuine, addition made under section 68 was justified [In favour of revenue] During a survey conducted at the premises of the assessee, the Assessing Officer noticed one cash credit received by the assessee through an account-payee cheque from the saving bank account of one 'M'. The assessing authority was not satisfied with the explanation furnished on behalf of the assessee in that regard and, consequently, made an addition of the said sum. On appeal, the Commissioner (Appeals) deleted the addition but on the revenue's appeal, the Tribunal upheld the addition holding that the assessee could not prove the creditworthiness of the creditor and the genuineness of transaction, because the creditor had deposited the money on the same day in cash when the money was advanced to the assessee-firm. Held that the Tribunal, on appreciation of material on record, had observed that the cash credit in the name of 'M' was not genuine and was, therefore, liable to be added under section 68. The Tribunal took a plausible view while reversing the order of the Commissioner(Appeals). The finding was based on evidence on record. Accordingly, the Tribunal's order was upheld. CASES REFERRED TO Kale Khan Mohammad Hanif v. CIT [1993] 50 ITR 1 (SC) and Sumati Dayal v. CIT [1995] 214 ITR 801 (SC). Pankaj Jain for the Appellant. Yogesh Putney for the Respondent. JUDGMENT Ajay Kumar Mittal, J. - This appeal under section 260A of the Income-tax Act, 1961 (for short "the Act") has been filed by the assessee against the order dated July 16, 2003, passed by the Income-tax Appellate Tribunal Chandigarh Bench "A", Chandigarh (in short "the Tribunal") in I.T. A. No. 1249/Chandi/1998, relating to the assessment year 1995-96. 2. The following substantial question of law has been claimed for determination by this court : "Whether under the facts and circumstances of the case and on the true and correct interpretation of the provisions of section 68, the Tribunal is justified in upholding the addition on the ground of lack of…

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