2007 (8) TMI 257

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....ferred to as "the Act", has been admitted, vide order dated September 7, 2006, on the following substantial question of law:  "Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was legally justified in deleting the addition of Rs. 2,20,000 made on account of unexplained transaction found in the books of M/s. Kanhaiyalal Om Prakash, wherea....

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....respondent-assessee and accordingly made an addition of the said amount which was affirmed in appeal by the Commissioner of income-tax (Appeals). On further appeal by the assessee, the Tribunal has deleted the addition on the ground that there was no material on record which may either establish or indicate that the amount of Rs. 2,20,000 was deposited by the respondent-assessee. 4. We have hea....