2011 (12) TMI 240

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.... Whether under the facts and circumstances of the case the Tribunal was justified in confirming the additions Under Section 68 of Income Tax Act, 1961 overlooking the fact that the explanation of the assessee regarding four deposits was accepted in part?  2.  Whether the Tribunal was justified in confirming the additions under Section 68 of the Income Tax Act, 1961 despite the identity of its creditors and sources and nature of the credit entries was fully explained by the assessee? 2. Briefly stated the facts giving rise to the instant appeal are as follows: The appellant is a builder and colonizer. For the assessment year 1988-89, the appellant filed its return of income. The return was processed and during the course o....

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....lant and Sri A. N. Mahajan learned Senior Standing Counsel for the Revenue. 5. Sri Shakeel Ahmad learned counsel submitted that so far as Sri Nazeer Ahmad is concerned he had appeared before the Assessing Officer and had admitted of having made a deposit of Rs. 88,000/- with the appellant for the purpose of purchasing a shop which in fact he had purchased in the subsequent year. He had also stated that he had borrowed this amount from his close relatives who have settled in Saudi Arabia and therefore, the source of the deposit should not have been disbelieved. 6. In so far as the deposit of Rs. 15,000/- is concerned, Sri Shakeel Ahmad submitted that it was deposited by Sri Jamal Ahmad and merely because he did not appear before the As....