2002 (4) TMI 981

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....- "Whether on the facts and in the circumstances of the case, the Income Tax Appellate tribunal was justified on facts and in law in treating the cash credits - loans of Rs. 1,00,000/- and interest thereon as income of the assessed for the assessment year under appeal by invoking Section 68 of the Act?" 2. Nobody appeared on behalf of the petitioner. We have heard Mr. Khanna, the learned counsel appearing on behalf of the Revenue, who has taken us through the records. 3. The learned Tribunal in its order 29.04.1982 inter alias disbelieving the transaction noticed:- "3. At the assessment stage since some sums detailed as under were found credited in the account books of the assessed maintained for the previous year re....

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....y. (iv) Most of the alleged creditors have no books of accounts but they have bank accounts. A/c payee cheques have been issued by these persons by deposits of cash on the same day. There is reason to believe that the deposits have proceeded from the assessed in the circumstances mentioned below: (v) The assessed is not able to prove as to how the money reached Bombay in cash on 4.4.1977, 4.5.1977 and 4.6.77 especially when the assessed admitted he has not visited Bombay on the respective dates. (vi) It is improbable to believe that the cash has been sent to Bombay to the tune of RS. 40,000/-, Rs. 30,000/- and Rs. 30,000/- on 4.4.77, 4.5.77 and 4.6.77 through the persons whose names the assessed is neither able to....

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....intained for any previous year was on him and it was held:- "On the facts of the present case, the following points made out by the ITO go unrebutted qua the assessed in appeal: (i) that the addresses given by the assessed of all 10 creditors were found to be not correct except in the case of cash creditor No. 9 as above: (ii) that Shri Jayanti Lal Dalal, as per the claim of the assessed was responsible for arranging loans and getting loans from the respective creditors but while Shri Jayanti Lal Dalal confirmed this fact in an affidavit filed by him, in his statement dated 5.2.80, here resoled from the earlier stand: (iii) enquiries from the Union Bank of India, Princes St. Bombay and from Central Bank o....