2010 (10) TMI 119

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....after referred to as the Act) against the order of the Tribunal dated 12.1.2007 relating to assessment year 1998-99.   2. The assessee has taken loan of Rs. 2,66,700/- from Sri Har Mohan Singh Khurana, Sri Man Mohan Singh, Sri Sukhpal Singh and Sri Jaswant Singh in cash.   3. Since the amount has been found deposited in cash in the books of account, the assessing authority was of t....

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.... authority has not doubted the genuineness of the loan and has not made any addition under section 68 of the Act. The Tribunal further recorded finding that the depositors were agriculturist and the loan was given under the emergency and were duly explained before the assessing authority and accordingly confirmed the order of the CIT (Appeals) for deleting the impugned penalty. The finding recorde....