Cash credit genuineness treated as a question of fact, with no referable question of law arising.

The Tribunal's deletion of the addition for cash credits was upheld because it had examined the full record, including confirmatory certificates, statements recorded by the Assessing Officer, and evidence of interest payments by cheque, and found that the assessee had discharged the burden of proving genuineness. The High Court held that this factual conclusion was supported by the material on record and was not perverse. The genuineness of the cash credits was treated as a pure question of fact, so no referable question of law arose and the reference was declined.

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Issues: Whether the Tribunal's deletion of the addition in respect of the cash credits was perverse or gave rise to any question of law.

Analysis: The Tribunal had considered the entire material on record, including confirmatory certificates, the statements recorded by the Assessing Officer, and the evidence regarding interest payments by cheque. On that appraisal, it concluded that the assessee had discharged the burden of proving the genuineness of the cash credits. The Court held that the factual conclusion was supported by the record and could not be characterised as perverse. The genuineness of the cash credits was treated as a pure question of fact, and no referable question of law arose.

Conclusion: The reference was declined and the assessee's claim did not succeed.

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