9911796707
TMI Blog2013 (4) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... lso the department submits that in view of the aforesaid judgment of this Court in the case of Jagmohan Ram Ram Chandra (2004 (8) TMI 46 - ALLAHABAD HIGH COURT) the finding recorded by the Tribunal is unjustified wherein held that if an assessee, who is a partner in the partnership firm, has made investments which are not recorded in the books of account maintained by him for any source of income and the explanation given by the partner or individual regarding the source of deposits is disbelieved, then such deposits which are investment can be brought to tax as income from undisclosed sources under section 69. Thus remanding the matter back to the Tribunal to decide the appeal afresh in the light of observations made above keeping in view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee filed a second appeal before the Tribunal. The Tribunal by the order under appeal has allowed it. The above appeal has been admitted on the following substantial questions of law:- 1. "Whether on the facts and in the circumstances of the case the Tribunal is justified in deleting the additions made by the A.O. u/s 68 of the Act?" 2. "Whether on the facts and in the circumstances of the case the Tribunal is justified in holding that the assessee has proved the identity, their capacity and the genuineness of the transactions in respect of the cash credits found in the books of the assessee?" Heard Sri R.K. Upadhya, learned counsel for the appellant, and Sri Subham Agrawal, learned counsel for the assessee respondent. The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... below:- 14. After careful consideration of the rival submissions and facts and circumstances of the case, we are of the opinion that so far as deposits under various heads are concerned, the assessee being carrying on the business of financing and having filed confirmations as well as produced some of the depositors and also having requested the Assessing Officer to call for further information or personal presence of the depositors by exercising his power under section 133(6) or 131 of the Act, had discharged the onus put on it by the provisions of section 68 of the Act and the Revenue Authorities did not consider the assessee's request (supra), the addition cannot be sustained in law. This conclusion of ours is supported by the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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