Law:

Section:

Section 68 of the Income-tax Act, 1961 - Cash credit - Assessment year 1998-99 - Assessing Officer required assessee to furnish evidence to prove genuineness of a loan found in his books of account - Assessee filed a copy of bank account of creditor from where cheque in favour of assessee had been drawn - Assessing Officer, not being satisfied with explanation of said creditor regarding source of cash deposited by him in his account before issuing cheque in favour of assessee, added loan amount to total income of assessee as unexplained cash credit - Commissioner (Appeals) on reappraisal of entire documentary evidence, sustained addition - Second appeal to Tribunal was also dismissed - Whether finding of Tribunal being based on cogent material could not be said to be perverse - Held, yes - Whether, therefore, no question of law, much less a substantial question of law arose from impugned order - Held, yes Words and phrases - 'substantial question of law' as occurring in section 260A of the Income-tax Act, 1961 CASE REFERRED TO Sir Chunilal V. Mehta & Sons Ltd. v. Century Spg. & Mfg. Co. Ltd. AIR 1962 SC 1314 [Para 6]. K.R. Manjani for the Appellant. R.C. Pandey and Ajay Jha for the Respondent. JUDGMENT D.K. Jain, J. - This appeal by the assessee under section 260A of the Income-tax Act, 1961 (for short "the Act"), is directed against order dated May 14, 2003,passed by the Income-tax Appellate Tribunal, New Delhi (for short "the Tribunal"), in I.T.A. No. 1001/Delhi of 2002, pertaining to the assessment year 1998-99. 2. Briefly stated, the material facts, giving rise to the appeal, are as follows: During the course of assessment proceedings for the aforenoted assessment year, the Assessing Officer noticed that in the assessee's books of account a sum of Rs. 1 lakh was reflected as loan from one Mr. Vipin Kumar Alagh. The Assessing Officer required the assessee to furnish evidence to prove the genuineness of the said loan. Pursuant thereto, a copy of the bank account of the said Vipin Kumar, from where the cheque in favour of the assessee had been drawn, was filed. Upon recording the statement of the said creditor, the Assessing Officer came to the…

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