1.   THE COMMISSIONER OF INCOME TAX, Delhi Vs. Vijay Kumar Talwar, ITA.No. 3265-3266 OF 2003, Date of Order : 06/12/2010, SUPREME COURT OF INDIA  

Income-tax - Where assessee had failed to prove source of cash credits, addition made under section 68 was justified.

It is manifest from a bare reading of section 260A that an appeal to the High Court from a decision of the Tribunal lies only when a substantial question of law is involved, and where the High Court comes to the conclusion that a substantial question of law arises from the said order, it is mandatory that such question(s) must be formulated. The ex-pression ‘substantial question of law’ is not defined in the Act. Nevertheless, it has acquired a definite connotation through various judicial pronouncements. A finding of fact may give rise to a substantial question of law, inter alia, in the event the findings are based on no evidence and/or while arriving at the said finding, relevant admissible evidence has not been taken into consideration or inadmissible evidence has been taken into consideration or legal principles have not been applied in appreciating the evidence, or when the evidence has been misread

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2.   [Contribution by  CA. Manoj Gupta, and contributor is available on Mobile No. 9350760606 / email-id: mgupta2803@gmail.com ]

AN ARTICLE ON BANK GUARANTEE

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