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TMI Blog2008 (3) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... these circumstances, the Assessing Officer was not justified in making the impugned addition under Section 68 - no fault can be found with the order of the Tribunal which has endorsed the decision of the CIT(A) - 151 of 2008 - - - Dated:- 14-3-2008 - MADAN B. LOKUR and V.B. GUPTA JJ. JUDGMENT The Judgment of the court was delivered by [V. B. GUPTA, J ] -1. The short question in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhai Manjeet Singh, which he failed to do so and accordingly the Assessing Officer made this addition of Rs.15 lacs under Section 68 of the Act. 3. Aggrieved against the order passed by the Assessing Officer, the Assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for short as CIT(A)] and the appeal of the Assessee was allowed. 4. Against the order of CIT(A), the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so credited may be charged to income-tax as the income of the assessee of that previous year." 7. According to this Section, any sum found credited in the books of the Assessee maintained for a previous year may be charged to income tax as the income of the Assessee of that previous year, if - (i) The Assessee offers no explanation about the nature of sources of such sum, or (ii) The expla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the accounts of the Assessee, does not pertain to the year under consideration, under these circumstances, the Assessing Officer was not justified in making the impugned addition under Section 68 of the Act and as such no fault can be found with the order of the Tribunal which has endorsed the decision of the CIT(A). 9. The above being the position, no fault can be found with the view taken ..... X X X X Extracts X X X X X X X X Extracts X X X X
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