INCOME TAX ACT, 1961

Section 260A

Appeal (High Court) - Maintainability - No substantial question of law - Tribunal on the basis of the materials produced before it and after analysing the same arrived at finding of fact deleted addition on acount of unexplained loan

AO on the basis of loose sheet impounded during survey at assessee's premises made addition unders ection 68 on account of unexplained loans CIT(A) deleted addition. Tribunal upheld order passed by CIT(A) recording a finding that impounded sheet contained only name of probable lenders and date of interest column dated and amount of interest payable were blank. Further, six persons mentioned in the sheet denied to have done any financial transactions with assessee and AO wrongly treated these as loans received. Revenue challenged order of Tribunal by way of appeal before High Court.Held: Tribunal considered in detail in respect of additions deleted by CIT(A) on the basis of the materials produced before it and after analysing the same arrivedc at finding of fact and confirmed order passed by CIt(A). As such there were concurrent finding of fact it could not be said that order of Tribunal was perverse in upholding order passed by CIT(A) deleting additions made by AO on the basis of loose papers found and impounded from premises of assessee. No substantial question of law arose from appeal filed by revenue and same was accordingly dismissed.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. :

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