Law:

Section:

Section 68 of the Income-tax Act, 1961 - Cash credits - Assessment year 1996-97 - Assessing Officer had made certain addition to assessee's income under section 68 - Commissioner (Appeals) as well as Tribunal deleted said addition - Whether since it was apparent that genuineness of transactions and identity of depositors had been established and nothing had been brought on record to contradict findings of fact recorded both by Commissioner (Appeals) as well as by Tribunal, no substantial question of law arose from impugned order of Tribunal - Held, yes Mrs. Mauna M. Bhatt for the Appellant. ORDER B.N. Mehta, J. - The appellant-revenue has proposed the following question :- "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) in deleting the addition of Rs. 8,33,500 made under section 68 of the Income-tax Act as explained cash credits?" 2. Heard learned Standing Counsel for the appellant. She has reiterated the reasons which prompted the Assessing Officer to make addition of Rs. 8,33,500. 3. Admittedly, for assessment year 1996-97 the Assessing Officer made an addition of Rs. 8,33,500 under section 68 of the Income-tax Act, 1961 ('the Act'). The assessee carried the matter in Appeal before Commissioner (Appeals) and succeeded. When revenue filed Appeal before the Tribunal the addition was deleted by recording following findings :- "Section 7. We have heard the rival submissions, perused the orders of lower authorities and the materials available on record. We find that the Assessing Officer has treated the cash credits from 9 depositors totalling to Rs. 8,33,500 as not genuine and has made the addition of the same to the income of the assessee under section 68 of the Act. We find that the assessee has filed evidences before the CIT(A) in the form of affidavits of the depositors, their bank statements and has also stated that the Assessing Officer has rejected the same based on minor mistakes in respect of mode of payment and holding that the party was not having enough source. We find that the ld. CIT(A) has…

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