9911796707
TMI Blog2011 (4) TMI 1161X X X X Extracts X X X X X X X X Extracts X X X X ..... p; 2. The appeal was admitted by this court for determination of the following substantial question of law : "Whether on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal is right in holding that section 68 of the Income-tax Act, 1961 does not apply to the co-operative bank for assessing the unexplained credits as taxable income ?" 3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the respondent-assessee is a co-operative society. It filed return of income for the assessment year 1999-2000 on June 29, 1999 declaring "nil" income. Later on, vide letter dated February 1, 2000, the assessee was informed that during the course of survey under section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the Revenue had not estab-lished that there was connivance of the said account holders with the assessee-bank ? 6. The Tribunal on appreciation of evidence came to the conclusion that there was no nexus of the said creditors with the bank and, therefore, the same could not be treated to be unexplained credits of the assessee. The findings recorded by the Tribunal in that behalf in paras 34 to 40 are as under (pages 111-112 of 314 ITR (AT) : "Further, even on the merits, the addition was uncalled for. Con-cerning account Nos. 8211, 8212 and 8213, the introducer was Shri Vijay Sethi, the deceased managing director of the assessee-bank itself. The original investments were made in RMRD accounts of S. B. accounts with the Mith ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als) through the Assessing Officer assessing the said lady. above facts were duly taken into consideration by the learned Commissioner of Income-tax (Appeals) while admitting the appeal. We do not find anything erroneous with the order of the learned Commissioner of Income-tax (Appeals). Not only this, in pursuance of the directions issued by the learned Commissioner of Income-tax (Appeals), the assessee located further details/addresses of account holders. These details were furnished to the Assessing Officer vide letter dated October 4, 2005. A copy of this letter had been placed at pages 90-91 of the assessee's paper book. This also boosts the stand taken by the assessee." 7. The aforesaid findings have not been shown to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
