1980 (3) TMI 68

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....w: "Whether, on the facts and in the circumstances of the case, and on a correct interpretation of section 68 of the Income-tax Act, 1961, the Tribunal was right in holding that the unexplained cash credits amounting to Rs. 8, 100 appearing within one month of the commencement of the business in the books maintained for the previous year relevant to the assessment year 1963-64 were not taxable as....

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....assessee filed a further appeal. Both the judicial and the Accountant Members of the Tribunal were not satisfied with the genuineness of those cash credits. The judicial Member, however, held that Rs. 8,100 being the cash credit appearing within one month of the commencement of the previous year could not represent the income of the assessee of the year under reference. The Accountant Member did n....