TMI Blog2011 (4) TMI 1161X X X X Extracts X X X X X X X X Extracts X X X X ..... t No. 1658. His statement was recorded by the Assessing Officer under section 131 of the Act. He also confirmed knowing the account holder – Held that:- amounts mentioned above cannot be said to be unexplained credits in the hands of the assessee, under section 68 of the Act, decision against the Revenue and the appeal is dismissed - ITA NO 547/08 - - - Dated:- 21-4-2011 - ADARSH KUMAR GOEL, AJAY KUMAR MITTAL, JJ. Judgment: Ajay Kumar Mittal J.- 1. 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 February 15, 2008 passed by the Income-tax Appel-late Tribunal Amritsar Bench, Amritsar (in short "the Tribunal") in I. T. A. No. 115(ASR) of 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt was made under section 143(3) of the Act vide order dated March 28, 2002 at an income of Rs.59,41,593, by making addition of the said amount, on account of peak balance standing in the name of the various depositors. The Commissioner of Income-tax (Appeals) (in short "the CIT (A)"), deleted the addition vide order dated December 31, 2002, made by the Assessing Officer. The Revenue carried the appeal before the Tribunal. The order of the Com-missioner of Income-tax (Appeals) having been upheld and the Revenue's appeal dismissed, it is how the Revenue is in appeal before us. 4. We have heard learned counsel for the appellant and have perused the record. 5. The point in issue in this appeal is, whether the unexplained amount in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer in response to summons under section 131 of the Act. He admitted knowing the account holders personally. The onus with regard to these accounts, thus, stood amply discharged. S. Swaran Singh was the account holder of account No. 1108. He was one of the directors of the bank and so he needed no independent intro-duction to open his account with the assessee-firm. His independent existence also stands proved by the entries through clearing in account. Shri Pawan Sharma was the introducer to account No. 1658. His statement was recorded by the Assessing Officer under section 131 of the Act. He also confirmed knowing the account holder. Smt. Harsimranjit Kaur, Prop. M/s. H.S. Gas Service owned up account No. 8268 of Shri J. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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