2004 (9) TMI 67

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ight in rejecting the material on record in arriving at a finding regarding the aforesaid cash credits?" - findings recorded by the Tribunal are based on appreciation of material on record and are findings of fact and do not suffer from any legal infirmity. They are binding on this court in a reference under section 256 - In view of the findings recorded by the Tribunal we are of the opinion that .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... credits appearing in the name of S/Shri Satish Chand, Ram Lal, Vijay Chand and Dharam? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in rejecting the material on record in arriving at a finding regarding the aforesaid cash credits?" The facts giving rise to the present reference are as follows: The applicant is a firm. It derived income from .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Commissioner of Income-tax (Appeals) the Commissioner of Income-tax (Appeals) deleted the addition of Rs. 63,000 on the ground that the identity and creditworthiness of the depositors have been accepted. The Revenue feeling aggrieved preferred an appeal before the Appellate Tribunal. The Tribunal reversed the order of the Commissioner of Income-tax by holding that in respect of three deposits sta .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X