2003 (2) TMI 6

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....ntion that when this appeal was presented no question of law was framed by the appellant. Later on, two questions of law have been framed. They read as under: "(1) Whether, on the facts and in the circumstances of the case, the learned Tribunal was justified for setting aside the order of the Commissioner of Income-tax under section 263 of the Income-tax Act? (2) Whether, on the facts and in....

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.... of the order dwelt upon the facts and came to hold as under: "10. We have considered the citations relied on by both the parties and concluded that when the assessee has furnished requisite information and the Income-tax Officer has considered the records before him and completed the assessment after considering the evidence filed and after his satisfaction about the genuineness of cash credit....

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....case the respondent had given the names and addresses of the alleged creditors. It was in the knowledge of the Revenue that the said creditors were income-tax assessees. Their index numbers were in the file of the Revenue. The Revenue apart from issuing notices under section 131 at the instance of the respondent, did not pursue the matter further. The Revenue did not examine the source of income o....