2012 (12) TMI 1017

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....hi, J - Revenue is in appeal against the judgment of the Income-tax Appellate Tribunal, Ahmedabad [hereinafter referred to as, "the Tribunal"] dated 16th November, 2011, raising following substantial question of law for our consideration :- "Whether on the facts and circumstances of the case, the Hon'ble Tribunal was justified in reversing the order of CIT (A) in deleting the addition of Rs....

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....s on account of opening balance. Hence, only this amount of Rs. 50,000/= can be considered for addition under Section 68 in this year. We, therefore, delete the balance addition. Now on account of the loan of Rs. 50,000/= received by the assessee in the present year, we feel that although the assessee could not properly explain the same but the assessee deserves the benefit of telescoping against ....

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....f the assessee. On that basis, the Tribunal found that the amount of Rs. 9,61,000/= could not have been considered during the year under consideration. We see no error in Tribunal's view. 4. With respect to deletion of Rs. 50,000/=, the Tribunal, while upholding that the same was unaccounted credit, found that such sum was credited in the assessee's account which was not explained. Howe....