2008 (9) TMI 513

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....urt was delivered by 1. D. A. Mehta J.-The appellant-Revenue has proposed the following question : "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the Commissioner of Income-tax (Appeals) in deleting the addition of Rs. 8,33,500 made under section 68 of the Income-tax Act, 1961, as explained cash credits ?" 2. Heard learned standing counsel f....

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.... under section 68 of the Act. We find that the assessee has filed evidence before the Commissioner of Income-tax (Appeals) in the form of affidavits of the depositors, their bank statements and has also stated that the Assessing Officer has rejected the same based on minor mistakes in respect of the mode of payment and holding that the party was not having enough source. We find that the learned C....

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....s) has deleted the addition made on the ground that the parties are genuine and the credit-worthiness has been proved beyond doubt and the transactions are through banking channels. The learned Departmental representative could not controvert the findings of the learned Commissioner of Income-tax (Appeals) by bringing any relevant, cogent and positive material on record. In these circumstances, we....