2002 (7) TMI 62

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....Revenue, the Income-tax Appellate Tribunal (Delhi) has referred the following question, arising out of I.T.A. No. 2150 (Delhi) of 1974-75, pertaining to the assessment year 1967-68, for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the cash credits of Rs. 19,692 in the account of Smt. Amrit Kaur in the books of t....

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....ash credit, it was explained that the said credit had come out of an earlier disclosure made by Smt. Amrit Kaur in terms of section 24(2) of the Finance (No. 2) Act of 1965. Not satisfied with the explanation furnished by the assessee, the Assessing Officer included the said amount in the total income of the assessee. Being aggrieved, the assessee preferred an appeal to the Appellate Assistant ....

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....ere is nothing in section 24 of the said Act, which prevents the Income-tax Officer, if he was not satisfied with the explanation of an assessee about the genuineness or source of an amount found credited in his books, in spite of its having already been made the subject matter of a declaration by the creditor and taxed under the scheme, from investigating the true nature and source of the credits....