- (1.) This appeal under Section 260A of the Income-tax ( Act ) is at the instance of an assessee and is directed against order dated 26th February, 2003 passed by the Income-tax Appellate Tribunal, B Bench, Kolkata in ITA No.293/Kol/2002 for the Assessment Year 1997-1998 dismissing the appeal filed by the assessee.
(2.) Being dissatisfied, the assessee has come up with the present appeal.
(3.) The facts leading to filing of this appeal may be summed up thus: a) The appellant is a Hindu Undivided Family (HUF) and is an assessee under the Income-tax Act, 1961 ( Act ). For the Assessment Year 1997- 98, after the assessment under Section 143(3) of the Act was initiated, the Assessing Officer issued summons under Section 131 of the Act to Sri K. K. Pant and Sri Asharam Mohata, the alleged creditors of the assessee. Sri Pant expired before issue of notice. Sri Mohata produced relevant documents along with a forwarding letter dated 15th January, 2000 confirming the genuineness of the loan. b) On 30th March, 2000, the Assessing Officer completed the assessment, adding Rs.15,00,000/- as unexplained cash credit and Rs.2,84,602/- as interest payable to the loan creditors. c) Being dissatisfied, the appellant preferred an appeal before the Commissioner of Income-tax (Appeals) but the said appeal was dismissed. d) Against the aforesaid order passed by the Commissioner of Income-tax (Appeals), the appellant preferred an appeal before the Tribunal below and by the order impugned in this appeal the Tribunal has dismissed the said appeal. e) Being dissatisfied, the appellant has come up with the present appeal.;