2011 (3) TMI 951

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....ort "the Tribunal") in ITA No. 60/ASR/2000, relating to the assessment year 1992-93. 2. The appeal was admitted for determination of the following substantial question of law by this Court: "Whether the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar was right in deleting the addition made u/s 68 on Income Tax Appeal No. account of unexplained cash credit to the tune of Rs.1,50,000/-"   3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the assessee filed return for the assessment year 1992-93 on 22.4.1993 declaring income at Rs. 66,090/-. On a complaint received, the matter was investigated and it was found that the assessee had introduced his own secret funds to the tune of Rs. 1,50,0....

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....91 was a genuine transaction.   7. Controverting the submission of the learned counsel for the Revenue, learned counsel for the assessee submitted that in identical cases of other assesses, namely, Mohan Singh and Parminder Singh, the Tribunal had decided the same issue, vide order dated 26.5.2003 in favour of the assessee and the said order having become final, the findings recorded by the Tribunal in the present case did not warrant interference by this Court. It was pointed out that as per circular of the Board relating to filing of bills under Section 268A of the Act at the relevant time of filing of the appeal, the limit prescribed by Board of Direct Taxes was two lacs whereas the quantum of addition as claimed by the Revenue w....