- (1.) Instant income tax appeal u/sec.260A of the Income Tax Act, 1961 is directed against the order dt.28.9.2001 passed by Income Tax Appellate Tribunal, Jaipur Bench, Jaipur. It relates to the assessment year 1991-92. Following questions of law were admitted by this Court :- "1. Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that belated return on 26.2.1992 cannot be revised and revised return filed on 10.3.1993 by the appellant is non est in the eye of law 2. Whether on the facts and in the circumstances of the case the Tribunal was justified in sustaining an addition of Rs.60,000/- as unexplained cash credit and treated as unexplained income u/S.68 of the Act 3. Whether on the facts and in the circumstances of the case the Tribunal was justified in not entertaining a plea of the assessee regarding benefit of telescoping to cover the addition of cash credit of Rs. 60,000/- as unexplained from trading addition of Rs.3,56,181/- while remanding the matter back to the file of the assessing officer regarding trading addition -
(2.) However counsel during the course of hearing restricted his arguments to question No. 3 only. The claim of the counsel is that in the instant case trading addition of Rs. 3,56,181/- was made by the Assessing Officer on the finding that during the course of search and seizure incriminating documents, diaries were found by the authorized officers of the Revenue Department, where unrecorded purchases were found noticed and therefore the AO made aforesaid trading addition of Rs. 3,56,181/-. The AO also found that there were cash credits in the name of 4 persons namely (i) Rukmani Devi Rs. 20,000/- (ii) G.L. Gupta 12,000/- (iii) no name shown but amount Rs.10,000/- (iv) Rajesh Gupta 18,000/-. Since the assessee could not prove genuineness and creditworthiness of the deposits of cash credits the AO made separate addition of Rs. 60,000/- u/S. 68 of the Act.
(3.) The appeal having been assailed before the CIT (A) resulted into dismissal of the same. A further appeal filed by the assessee before the Tribunal resulted into partial relief and insofar as the trading addition is concerned the matter was restored back to the AO with certain directions however the addition relating to cash credit of Rs. 60,000/- was upheld.;