2007 (2) TMI 683

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....r the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 7,39,082/- made in respect of nongenuine expenses, when the assessee produced only the bills and could not produce the proprietors of the two concerns for verification of transaction?" 3. The Tribunal has reproduced the discussion of the CIT (Appeals) in sustaining addition to the extent of cash credit. The addition was deleted by both. The CIT (Appeals) considered the factual aspects as under : "I have carefully considered the facts of the case and the submissions of the appellant. I have also gone through the English version of the statement of the appellant recorded at the time of survey. It is seen that the appellant in response to question....

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....lternative contention of the appellant as this cash in any case represents the undisclosed income of the appellant. By resorting to the alternative contention, the appellant is merely trying to get only gross profit on the socalled sales to be brought to tax and this cannot be accepted." 4. Having considered the above factual aspects, the Tribunal has concluded as under : "We have considered the rival submission and perused the record. After considering the facts of the case we notice that as per finding of CIT(A) the assessee failed to explain deficit in cash of Rs. 33,000/-. In view of the fact that we are of the fact that addition to the extent of Rs. 33,000/- is sustainable. We accordingly confirm the addition of Rs. 33,000/....