TMI Blog2011 (3) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... AJAY KUMAR MITTAL, J. This appeal under Section 260A of the Income-Tax Act, 1961 (for short the Act ) has been filed by the Revenue against the order dated 2.11.2004, passed by the Income Tax Appellate Tribunal Amritsar Bench, Amritsar (in short the Tribunal ) in ITA No. 60/ASR/2000, relating to the assessment year 1992-93. 2. The appeal was admitted for determination of the following substantial question of law by this Court: Whether the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar was right in deleting the addition made u/s 68 on Income Tax Appeal No. account of unexplained cash credit to the tune of Rs.1,50,000/- 3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant-Revenue submitted that the Tribunal had erred in reversing the findings of the CIT(A) whereby it had been held that the amount of Rs. 1,50,000/- which was received by the assessee by way of an account payee s cheque on 28.11.1991 was a genuine transaction. 7. Controverting the submission of the learned counsel for the Revenue, learned counsel for the assessee submitted that in identical cases of other assesses, namely, Mohan Singh and Parminder Singh, the Tribunal had decided the same issue, vide order dated 26.5.2003 in favour of the assessee and the said order having become final, the findings recorded by the Tribunal in the present case did not warrant interference by this Court. It was pointed out that as per circular of the B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d closed through bank draft within the short span of 15 days cannot be held to be ingenuine unless any specific material is brought on record, which goes against it. Simply because Shri Naresh Kapoor could not be produced before the AO, cannot lead to the confirmation of addition u/s 68. It is axiomatic that impossible cannot be complied with. Newspaper cuttings duly establish that Shri Naresh Kapoor was absconding and in our considered opinion his physical production before the AO could not have complied with. It is found that the transactions with Shri Naresh Kapoor in identical circumstances became subject matter of adjudication before the Chandigarh Bench in the case of ITO vs. Shri Mohan Singh, Ludhiana, in ITA No.373/Chandi/2000 and S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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