2008 (3) TMI 91

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...., J ] -1. The short question in the present appeal is as to whether the Income Tax appellate Tribunal (for short as "Tribunal") was right in deleting addition of Rs.15 lacs made under Section 68 of the Income Tax Act, 1961 (for short as "Act") by the Assessing Officer. 2. Brief facts of the case are that the Assessee filed return of income for the assessment year 1999-2000 on 27^th December, 19....

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.... the order of CIT(A), the Revenue filed an appeal before the Tribunal, that is, ITA No.1527/Del/2003 for the assessment year 1999-2000 and the same was dismissed by the Tribunal, Delhi Bench "E" vide the impugned order. 5. It has been contended by learned counsel for the Revenue that despite several opportunities, the Assessee had failed to file confirmation from Bhai Manjeet Singh and, therefo....

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....ch sum, or (ii) The explanation offered by him is, in the opinion of the Assessing Officer, not satisfactory. 8. Here, the CIT(A) has deleted the addition of Rs.15 lacs mainly on the ground that this credit balance of Rs.15 lacs is being reflected in the accounts of the Assessee over the past four to five years or so and hence this was not a fresh credit entry of the previous year under cons....