Assessing Officer treated unsecured loans taken by assessee from fifteen parties as unexplained cash credits under section 68. CIT(A) affirmed the order of the AO. \u00a0Tribunal deleted addition holding that assessee had discharged initial burden placed upon him under section 68. On appeal the Revenue submitted that Tribunal without proper analysis of facts of case had passed a perverse order and same amounted to substantial question of law. Court held that\u00a0 \u00a0since Tribunal had dealt with all grounds raised by revenue in order \u00a0and had passed a well reasoned and speaking order taking into consideration all material available on record, Court refrained from entertaining appeal as there was no perversity in order passed by Tribunal.<\/p>\n","protected":false},"excerpt":{"rendered":"
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