2006 (1) TMI 615

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....nal, Delhi Bench, has referred the following question of law for opinion of this Court under section 256(1) of the Income-tax Act : "Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was correct in law in deleting the addition of Rs. 1,13,500 made under section 68 of the Act, being unexplained deposit, notwithstanding the fact that the capacity or the creditworth....

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....sing authority accordingly treated the cash credit of Rs. 1 lakh as unexplained income of the assessee. The addition was agitated in appeal before the CIT (Appeals). The appeal was dismissed. The assessee filed second appeal before the Tribunal and the Tribunal allowed the appeal and noted that Smt. Mamta Devi, the creditor is being regularly assessed by the department in respect of her income as ....