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TMI Blog2013 (12) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... wal ORDER We have heard Shri Dhananjay Awasthi, learned counsel for the income tax department. Shri Krishna Ji Agrawal appears for the respondent. This income tax appeal under Section 260-A of the Income Tax Act, 1961 has been filed on the following questions of law:- "(1) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in deleting the addition of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Assessing Officer has not considered the explanation of the assessee while adding the cash credits, under Section 68 of the Income Tax Act, 1961 (the Act) and the excess profit. The appellate authority found that the explanation submitted by the assessee was satisfactory. The creditworthiness of the creditors was explained, in as much as the credit entry in respect of Ram Kali Devi, the w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Assessing Officer during the course of assessment proceedings to prove the transfer. No cash credit was credited in the books of the assessee. The copies of the certificate issued by the Bank of Baroda, Bans Mandi Branch, Allahabad verifying the draft was also enclosed with the written submissions. With regard to addition of Rs.24,000/- the appellate authority found that the assessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raft in respect of M/s Mohit Agency. Section 68 of the Act provides that where any sums are found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not in the opinion of the assessing officer satisfactory, the sum so credited may be charged to income tax as the inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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