KRISHAN KUMAR AGGARWAL Vs. ASSESSING OFFICER

JUDGEMENT

(1.) THIS appeal by the assessed under Section 260A of the Income -tax Act, 1961 (for short 'the Act'), is directed against order dated May 14, 2003, passed by the Income -tax Appellate Tribunal, New Delhi (for short 'the Tribunal'), in I. T. A. No. 1001/Delhi of 2002, pertaining to the assessment year 1998 -99.

(2.) BRIEFLY stated, the material facts, giving rise to the appeal, are as follows : During the course of assessment proceedings for the aforenoted assessment year, the Assessing Officer noticed that in the assessed's books of account a sum of Rs. 1 lakh was reflected as loan from one Mr. Vipin Kumar Alagh. The Assessing Officer required the assessed to furnish evidence to prove the genuineness of the said loan. Pursuant thereto, a copy of the bank account of the said Vipin Kumar, from where the cheque in favor of the assessed had been drawn, was filed. Upon recording the statement of the said creditor, the Assessing Officer came to the conclusion that the said Alagh had failed to explain the source of the cash amounts deposited by him in his account before issuing a cheque in favor of the assessed, and, thereforee, the loan remained unexplained. He, accordingly, added the said amount to the total income of the assessed as unexplained cash credit.

(3.) BEING aggrieved with the said order, the assessed carried the matter in further appeal to the Tribunal. By the impugned order the Tribunal has dismissed the appeal. Hence, the present appeal.