Law:

Section:

Section 68 of the Income-tax Act, 1961 - Cash credits - Assessment year 1997-98 - Whether where Tribunal deleted addition made on account of unexplained share application money on basis of finding arrived at on appreciation of relevant facts that assessee had discharged his initial burden and revenue had failed to discharge its burden to controvert claim of assessee, Tribunal's order gave rise to any question of law - Held, no - Whether, where Tribunal deleted addition of unsecured loan and interest paid thereon on basis of finding that there was existence of investors and their confirmation had been obtained, conclusions being findings of fact based on material on record, could be said to be perverse so as to give rise to any question of law - Held, no FACTS The Tribunal deleted the addition made by the Assessing Officer on account of unexplained share application money. In that connection, the finding of the Tribunal was that 6 out of 7 companies from which the share application money had been received were found to be genuinely existing and no enquiry had been conducted in respect of their source of share application money received from them at the time of making the investment in the company. That the assessee had discharged his initial burden and the revenue had failed to discharge its burden as it did not hold any enquiry into the genuineness of those transactions. However, it found that existence of one company was not established by the assessee in respect of alleged investment made by that company and the initial burden had not been discharged by the assessee. The Tribunal, therefore, sustained the addition made in respect of investment alleged to have been made by that company. About the individual investors, the finding of the Tribunal was that 9 out of 10 individual investors had confirmed the fact of making investments in the shares of the assessee-company and that they were income-tax assessees and the mode of receipt had been through banking channel. The identity of 9 out of 10 individual investors had been established and about the genuineness of the transaction of the share of the assessee-company no further enquiry was directed by the…

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