TaxTMI 
TaxTMI 
2008 (9) TMI 513
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....he 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 for the appellant. She has reiterated the reason....
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....ssee 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 Commissioner of Income-tax (Appeals) has observed th....
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.... 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 are of the considered opinion that there are no go....