2011 (2) TMI 1483 - HC - Income Tax

Revenue's Appeal Dismissed in Income Tax Case

The Revenue's appeal under Section 260A of the Income-Tax Act, 1961 against an ITAT order was dismissed. The ITAT had deleted the addition made by the ... - Issues involved: Appeal u/s 260A of the Income-Tax Act, 1961 against ITAT order relating to assessment year 2005-06.Summary:The appeal was filed by the Revenue against the ITAT order deleting the addition made by the Assessing Officer regarding cash credits from the sale of property. The assessee failed to prove the nexus between cash deposits and withdrawals from the bank/sale proceeds of the house.The assessing officer made an addition under Sections 68 and 69 of the Act based on cash deposits by the assessee. The CIT(A) upheld the order, but the Tribunal allowed the appeal, citing the burden of proof on the assessee, which was discharged by producing relevant records.The Tribunal found the deposits to be genuine after examining bank statements and entries of withdrawals and deposits. The Tribunal's findings were not challenged by the Revenue, leading to the dismissal of the appeal as no substantial question of law arose for consideration.