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2015 (3) TMI 652 - HC - Income TaxCash receipt of ₹ 1 crores - deletion of the sum of ₹ 1 crores directed by the CIT(A) and upheld by the ITAT - Held that:- We are of the opinion that given the fact-intensive nature of the matter, and - as noted by the CIT(A) - the rare instance where cash transactions were indeed reflected in the books of one of the assessees which had an intimate connection with the present assessee, any further enquiry would involve more weighing of evidence rather than interpretation of law. Barring exceptional cases where the findings are based on no evidence or after overlooking material evidence, the scope of appeal under Section 260A of the Act involves examination of substantial questions of law. We see none in respect of this transaction. - Decided against revenue. Unexplained expenditure - unexplained loan - amounts were based upon seizure of handwritten notes containing particulars of demands made by the assessee - CIT(A) confirmed part addition on unexplained loan and deleted on unexplained expenditure - Held that:- The CIT(A) subjected the record to close scrutiny and the ITAT thereafter went into the record by examining the actual entries. It is not as if the ITAT deleted the entire amount. The rationale for retaining ₹ 6.93 lakhs has been clearly mentioned, i.e. that it pertained to a specific transaction for which a date was attributable or discernable. However, with respect to the other notings, no definitive date or period could be ascribed. Therefore, the ITAT concluded that the said amount of ₹ 44,47,500/- could not be brought to tax . No substantial questions of law - Decided against revenue.
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