2010 (12) TMI 964

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....sp; JUDGEMENT   Ajay Kumar Mittal, J:-   1. This appeal was admitted by this Court vide order dated 22.1.2007 for determination of the following substantial question of law:-   "Whether under the facts and circumstances of the case the Tribunal is justified in arriving at the findings on the true and correct interpretation of the provisions of Section 68 which are miscon....

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....l. However, the addition of Rs.40,000/- made by the Assessing Officer on account of cash credit in the name of Sarla Devi to be unexplained income of the assessee under Section 68 of the Act was affirmed. On further appeal by the assessee, the Income Tax Appellate Tribunal, Bench "A", Chandigarh (hereinafter referred to as "the Tribunal") vide order dated 24.3.2006 while partly allowing the appeal....

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....ient to discharge the onus. This principle of law is established by the ratio of following decisions:-   i) Sree Lekha Banerjee and others vs. CIT 49 ITR 112(SC).   ii) CIT vs. Nivedan Vanijay Niyojan Ltd. 263 ITR 623 (Cal).   iii) Shankar Industries vs. CIT 114 ITR 689 (Cal).   iv) CIT vs. Ruby Traders and Exports Ltd. 182 CTR 596 (Cal).   v) CIT vs. Niveda....

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....is bereft of substance. The lady creditor does not have any source of income and therefore, accumulation of Rs.40,000/- cash, advanced to the assessee, routed through bank account is not satisfactorily explained. The Assessing Officer was, therefore, justified in making the addition of Rs.40,000/-. The additional evidence furnished by the assessee before us is also of no consequence in so far as t....