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TMI Blog2012 (5) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... of account produced by the assessee and has been properly explained by the assessee. The findings recorded by the Tribunal are essentially findings of fact based on material. - No substantial question of law - decided against the revenue. - INCOME TAX APPEAL DEFECTIVE No. - 138 of 2002 - - - Dated:- 30-3-2012 - Ashok Bhushan, Prakash Krishna, JJ. Petitioner Counsel :- A.N. Mahajan,Ashok Kumar,Bharatji Agarwal,D. Awasthi,G.Krishna,R.K. Upadhaya,S Chopra Respondent Counsel :- Nikhil Chaturvedi Heard Sri Shambhu Chopra, learned counsel for the department and the learned counsel for the assessee. The appeal was admitted on the following substantial question of law:- "Whether, on the facts and in the circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok the view that the money was not withdrawn from the bank and the bank drafts were not prepared from Ferozabad. A doubt was expressed as to why the said amount of Rs.5,50,000/- was carried in cash. Addition of the amount of Rs.5,23,598/- was made by the Assessing Officer. The matter was taken in appeal by the assessee which was rejected but was partly allowed in respect of other items. The appeals were filed before the Income Tax Appellate Tribunal both by the Revenue and assessee. The Income Tax Appellate Tribunal in paragraph 3, 3.1, 3.2, 3.3, 4 and 5 has considered the entire material on record and has returned the findings that the entries for investment in the bank drafts have properly been recorded in the books of account of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk drafts in the name of Central Coal Field Ltd., Ranchi. The jurisdictional High Court in the case of Ashok Kumar Rastogi Vs. CIT. 100 CTR (All) 204 has held that without reference to any supporting evidence or material, ITO cannot make any addition as unexplained investment notwithstanding seizure of certain documents from the assessee. Therefore, it is concluded that the entries for investment in the bank drafts have properly been recorded in the books of account of the assessee firm and assessee also proved the source of investment. In view of these facts and circumstances, we decline to agree with the CIT (A), hence the addition of Rs.5,23,596/- on this account is deleted." Shri Shambhu Chopra, learned counsel for the appellant chall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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