- (1.) The Court : The appeal is directed against an order dated 31st March, 2009 passed by the learned Tribunal I.T.(SS)A. No.31 (Kol)/2007:Block Period 1996 -97 to 2002 -03 (Upto 19.12.01) dismissing an appeal preferred by the revenue. The revenue has once again come up in appeal which was admitted by this Court on 7th January, 2010. The following question of law was formulated. "Whether on the facts and in the circumstances of the case the Learned Tribunal is justified in law in confirming the order of C.I.T.(Appeals) in deleting the addition of Rs.33,90,000/ - and Rs.72,57,686/ - made under Section 68 of the Income Tax Act, 1961 - Addition of a sum of Rs.33.90 lakhs was made on the basis that the assessee had allegedly taken loan from the corpus fund, which the assessee has denied.
(2.) The assessing officer proceeded to add this sum of Rs.33.90 under section 68. C.I.T.(A) has clearly held that there is no knowledge as to what the corpus fund is. The C.I.T. also opined that there was no material on the basis of which the aforesaid addition could be made and on that basis the C.I.T. deleted the addition. The learned Tribunal concurred with such finding of the C.I.T.(A).
(3.) As regards other sum of Rs.72,57,686/ - is concerned, the addition was found altogether unmeritorious because "all these amounts are paid by cheque out of accounted fund in the regular books of accounts. A copy of the confirmation along with the bank statement in respect of the assessee's accounts with Bharat Overseas Bank is filed, duly confirmed by Shri A E Medhora on behalf of M/s. Novrojee & Co. A copy of the bank account disclosed and the regular books of accounts were filed before the Ld.CIT(A) which were also made available before the AO. Based on these submissions, the ld.CIT(A) has deleted the same.";