9911796707
TMI Blog2013 (2) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... is in appeal against the judgment of the Tribunal dated 9.4.2010 raising following question for our consideration. "Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs.43,66,300/- made on unexplained cash credits ?" Sole issue which arises in this appeal pertains to addition of Rs.43.66 lacs (rounded off) made by the Assessing Officer as unexplained cash c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the process: "I have considered the facts of the case and submissions of the appellant carefully. I have also gone through the decisions relied upon by the A.R. Enclosed with paper work dated 03.03.2004 and the observations of the assessing officer in the assessment order. The assessing officer in the assessment order as well as in his remand report dated 29.9.2004 has stated that the confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s received was filed and as per his statement the total deposits were only US $ of 87,326 and not 96,455. This fact was also accepted by the assessing officer while making the addition u/s.68 of the Act and hence the total loans come to US $ of 87,326. The assessing officer has also admitted that the confirmations letters were filed before him on 29.10.2003 but the same were not accepted by him du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the bank statement of Shri Janak Patel/appellant, the same cannot be allowed. The assessing officer, is therefore, directed to accept the credits as stated in notarized confirmation letters, after proper verification of the same from the bank statements. The assessing officer is directed accordingly." Revenue carried the matter in appeal. The Tribunal confirmed the view of the CIT (Appeals) and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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