2007 (2) TMI 683

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..... antial questions of law are proposed for admission of this appeal. "(1) Whether the Appellate Tribunal is right in law and on facts in sustaining addition to the extent of Rs. 33,000/- only out of addition of Rs. 2,49,261/- made on account of unexplained cash/undisclosed income? (2) Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 7,39,082/- made in r .....

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..... had been deposited in the bank. He further stated that cash balance on the day of survey was Rs. 14,362,50/-. It is pertinent to point out that till this stage the appellant did not mention about any further cash sales. If any other cash sales had really been made on the day of survey before the arrival of the Survey team, as is now sought to be explained, it is natural that in response to questio .....

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..... ,261/- represents unexplained cash which represents the undisclosed income of the appellant. I am also not ready to accept the alternative contention of the appellant as this cash in any case represents the undisclosed income of the appellant. By resorting to the alternative contention, the appellant is merely trying to get only gross profit on the socalled sales to be brought to tax and this cann .....

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..... ds. The admitted facts of the case are that purchases were recorded in the regular books of accounts maintained. The purchases are supported by proper bills/vouchers. The assessee filed the necessary details regarding name, address, sales tax number. The payments were made through banking channels. Thus, the sale against that purchases is not doubted. It is not the case of AO that amounts paid for .....

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..... i) SF Wadia Vs. ITO 19 ITD 306 13. In the light of the above discussion that we are of the considered view that the addition is not warranted. We accordingly delete the addition of Rs. 7,39,082/-." 6. Whether the cash credits entries are genuine or not, and whether the purchases are genuine or not, is basically a question of facts. Considering the finding of the Tribunal, especially, on the iss .....

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