VIKAS GUPTA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) ADMIT Whether the order of the learned Tribunal as well as Authorities below suffers from a fundamental error and illegality in adding Rs.2,26,592 as unexplained cash credits to the assessment of the appellant, when the amount was paid by cheque from the account of Shri Rajiv Garg and Mrs. Yojana Garg to HUDCO and later on the same proceeds on the said amount was refunded to Mrs. & Mr. Garg through cheques?"

(2.) FILING of paper book is dispensed with. With the consent of the parties, we have taken up the matter today itself and heard finally. Both the counsel are heard at length.

(3.) SOME of these additions were deleted by the Income Tax Appellate Tribunal (the Tribunal in short). However, three additions, viz., unexplained cash, credit of Rs.2,26,592, unexplained income of Rs.37,550 and capital gain of Rs.35,000 have been sustained by the Tribunal.