TMI Blog2006 (1) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... s Court under section 256(1) of the Income-tax Act : Whether on the facts and in the circumstances of the case, the Hon ble ITAT was correct in law in deleting the addition of ₹ 1,13,500 made under section 68 of the Act, being unexplained deposit, notwithstanding the fact that the capacity or the creditworthiness of the depositor remained unsubstantiated as the assessee failed to dischar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lained income of the assessee. The addition was agitated in appeal before the CIT (Appeals). The appeal was dismissed. The assessee filed second appeal before the Tribunal and the Tribunal allowed the appeal and noted that Smt. Mamta Devi, the creditor is being regularly assessed by the department in respect of her income as also wealth and the returns filed by Smt. Mamta Devi stood accepted by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity to give the deposit as she was regular assessed under the Income-tax Act as well as under the Wealth-tax Act. In view of the above we find no illegality in the order of the Tribunal. 6. In the result we answer the afore-mentioned question of law referred to us in affirmative i.e., in favour of the assessee and against the revenue. There will be, however no order as to costs. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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