2017 (4) TMI 618

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....nt : Krishna Agarwal,Piyush Agarwal ORDER Heard Sri Suyash Agrawal, learned counsel for the assessee and Sri Shubham Agarwal, learned counsel for the revenue as also perused the record. These income tax appeals under Section 260 A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') have been filed by the assessee against the order of the Income Tax Appellate Tribunal date....

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....0 was admitted on the following question of law:- "1. Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in sustaining the addition of Rs. 1,00,000/- under Section 68 of the Income Tax Act" The assessees in these cases are engaged in business. They claimed to have taken certain money on interest free loans from certain persons unconnected with their b....