S. Muralidhar, J.

1. This appeal by the Revenue under Section 260A(1) of the Income Tax Act, 1961 (‘Act’) is directed against the impugned order dated 30th April 2003 passed by the Income Tax Appellate Tribunal (‘ITAT’) in ITA No. 222/Del/2000 for the Assessment Year (‘AY’) 1994-95.

2. While admitting this appeal, the Court by its order dated 25th May 2004 framed the following questions of law for consideration:

1. Whether the ITAT has correctly interpreted and applied Section 68 of the Income Tax, 1961 while upholding deletion of Rs. 38 lakhs and Rs. 1,01,007 made by the Assessing Officer by applying the said section?

2. Whether the ITAT has erred in deleting addition of Rs. 38 lakhs and Rs.1,01,007 without going into and examining the credit worthiness of M/s. Tuq Credits Ltd. and genuineness of the transaction with reference to availability of funds with the said company?

3. Whether the order of the ITAT is perverse as it ignores the reasons and grounds mentioned by the Assessing Officer for failure of the Assessee and M/s. Tom Investment Limited to furnish details and information with regard to Tuq Credits Limited source of funds available with Tuq Credits Limited genuinenes