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TMI Blog2022 (2) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... O: 99 OF 2021 & IA NO: 1 OF 2021 - - - Dated:- 3-12-2021 - THE HONOURABLE SRI JUSTICE UJJAL BHUYAN AND THE HONOURABLE SMT JUSTICE P.MADHAVI DEVI For the Appellant: Sri Vijay Kumar Punna, Advocate For the Respondent: None Appeared ORDER Per Hon ble Sri Justice Ujjal Bhuyan Heard Mr. Vijay Kumar Punna, learned counsel for the appellant. 2. This appeal has been preferred by the assessee, as the appellant, under Section 260A of the Income Tax Act, 1961 (briefly 'the Act' hereinafter) against the order dated 28.06.2021 passed by the Income Tax Appellate Tribunal, Hyderabad Bench 'B', Hyderabad (Tribunal) in I.T.A.No.289/H/2020 for the assessment year 2017-18. 3. The issue involved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive. It was noted that assesssee is a State Government employee and he was required to inform the State Government in the event of making any investment in speculative transaction. While granting relief to the extent of ₹ 2.75 lakhs, which was stated to be on account of withdrawal from his GPF, the first Appellate Authority confirmed the addition of ₹ 10 lakhs made by the Assessing Officer. 6. In further appeal before the Tribunal, Tribunal held as follows: We have considered the rival submissions and perused the material on record as well as gone through the orders of revenue authorities. The CIT(A) demonstrated in his order that the assessee does not have sufficient money to pay monthly chit installments by way of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). (ii) HAWKINS v. POWELLS TILLERY STEAM COAL COMPANY LIMITED (988 KING' S BENCH DIVISION 1911). 9. Insofar the decision of this court in Tilak Raj Kumar (supra) is concerned, we find that it was a case of sale transaction of diamonds under Section 68 of the Act. The parameters for making addition under Section 68 of the Act and under Section 69A of the Act, though may appear to be similar, however, is not so; therefore, addition of cash credit under Section 68 of the Act would stand on a different pedestal. The principles governing cash credit under Section 68 of the Act cannot be extended to unexplained investments under Section 69A of the Act. 10. Insofar the English decision is concerned, the facts are totally differe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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