IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.858 OF 2008 INCOME TAX APPEAL NO.858 OF 2008 INCOME TAX APPEAL NO.858 OF 2008 The Comissioner of Income Tax ..Appellant. V/s. Sat Prakash Goyal ..Respondent. Mr.P.S.Sahadevan for appellant. Mr.S.G.Dalal for respondent. CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 29TH APRIL, 2009. DATED : 29TH APRIL, 2009. DATED : 29TH APRIL, 2009. P.C. :- P.C. :- P.C. :- 1. Heard learned counsel for the rival parties. The appeal seeks to raise the following questions of law:- 1) Whether in the facts and circumstances of the case and in law the Tribunal is right in deleting the addition of Rs.17.5 lacs made by the assessing officer u/s.68 of the Act, in the absence of confirmatory letters of loans on the ground that the loans received by the respondent as per account payee cheque cannot be legally assessed as income in the hands of assessee ? 2) Whether in the facts and circumstances of the case and in law the ITAT was justified in deleting the addition of Rs.17.50 lakh relying on the Calcutta High Court decision in the case of CIT Vs. Kamdhenu Veyapar Co.Ltd. in 263 ITR 692 ignoring that in the case High Court deleted the addition and had merely set aside the matter for issuing summons to creditors ? - = : 2 : = - 2. The Tribunal has after taking into account the facts and circumstances of the case came to the conclusion that the amount of loans received by the assessee by account payee cheques cannot legally be assessed as income in the hands of the assessee and that the Tribunal has deleted the addition which were made in the sum of Rs.17.50 lakhs. The finding of fact is recorded by the Tribunal. We do not see any substantial question of law involved on this count. The appeal is, therefore, dismissed in limini with no order as to costs. (V.C.DAGA, J.) (V.C.DAGA, J.) (V.C.DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)