2012 (12) TMI 1017

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..... eferred to as, the Tribunal ] dated 16th November, 2011, raising following substantial question of law for our consideration :- Whether on the facts and circumstances of the case, the Hon'ble Tribunal was justified in reversing the order of CIT (A) in deleting the addition of ₹ 10,09,000/= on account of unexplained cash credit under Section 68 of the Act considering major amount of .....

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..... or addition under Section 68 in this year. We, therefore, delete the balance addition. Now on account of the loan of ₹ 50,000/= received by the assessee in the present year, we feel that although the assessee could not properly explain the same but the assessee deserves the benefit of telescoping against the addition in the income made by the Assessing Officer, which is confirmed by us. As a .....

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..... mount of ₹ 9,61,000/= could not have been considered during the year under consideration. We see no error in Tribunal's view. 4. With respect to deletion of ₹ 50,000/=, the Tribunal, while upholding that the same was unaccounted credit, found that such sum was credited in the assessee's account which was not explained. However, by applying the principles of telescoping, dele .....

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