- (1.) This appeal by the revenue has been filed against the judgment of the Tribunal dated 5-1-2005, confirming the order of the learned Commissioner (Appeals), who deleted the addition of Rs. 2,95,000 made by the assessing officer for the cash credits.
(2.) The appeal was admitted on 9-3-2006 by framing the following substantial question of law: 1. Whether on the facts and in the circumstances of the case, the learned Tribunal is justified in law in upholding the findings recorded by the learned Commissioner (Appeals) deleting addition made by the assessing officer on account of unexplained cash credits in assessment of block period which had been disclosed in the regular return of income for the relevant assessment year i.e. 1991-92 (in this case) but were not included in assessment for that assessment year
(3.) The necessary facts are that a search operation was undertaken, and consequently notices were issued under Section 158BD. The assessee filed return on 15-4-1999 in response to the notice declaring nil as undisclosed income, and the very action of initiating proceeding under Section 158BD was challenged, inter alia, taking the plea that regular returns for the earlier years have already been filed.;