2005 (1) TMI 676

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..... ereinafter referred to as the Act for opinion to this Court : 1. Whether the ITAT is correct in law and on facts in reversing the order of the learned AAC setting aside the assessment after issuing a notice of enhancement under section 251 of the Income-tax Act, 1961? 2. Whether the Tribunal is correct in law and on facts in holding that the power of enhancement has not been properly exer .....

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..... dra Singh. The Assessing Officer found certain cash loans of the Calcutta parties in the seized account books and these cash loans were added in the hands of the assessee. The addition was set aside by the CIT(A) by the order dated 5th March, 1985 to enable the assessee to get opportunity to explain the cash loans properly. The ITO was asked to reframe the assessment order after affording an oppor .....

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..... h credit may be adjudicated upon a fresh. Aggrieved against the aforesaid order the assessee filed a second appeal before the Tribunal. The Tribunal has allowed the appeal and found that the explanation submitted by the assessee establishes the genuineness of the cash credit in his account books. The Tribunal was also of the view that the power of enhancement of the assessment was not correctly ex .....

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