TaxTMI 
TaxTMI 
2002 (7) TMI 62
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....unal (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 the assessee for this year stood satisfac....
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....dit 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 Commissioner, who, relying on the decision of th....
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.... 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. It is pertinent to note that in view of the afore....