TMI Blog1989 (7) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... s : "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in deleting the cash credits of Rs. 17,640 assessed in the hands of the assessee as income from undisclosed sources without leading evidence as to their genuineness ? (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders and the relevant papers and had then come to this conclusion. This being so, the conclusion of the Tribunal is a pure question of fact. With regard to the second question, it appears that the assessee had taken overdraft from the bank for a sum of Rs. 5,10,717. Goods worth Rs. 33,000 were stated to have been hypothecated. The case of the petitioner herein is that the bank would not have g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer wanted to disprove the evidence which had been put forth by the assessee, it was open to the Income-tax Officer to have summoned the necessary records from the bank and to have sought information from the bank as to whether the value of the stock which was hypothecated was Rs. 33,000 or more. In the absence of any evidence on record, there was no reason as to why the assessee's contention ..... X X X X Extracts X X X X X X X X Extracts X X X X
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