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TMI Blog2009 (3) TMI 473X X X X Extracts X X X X X X X X Extracts X X X X ..... emand in his report admitted that the identity of the parties and also that there was corresponding entries in the books of account. The Commissioner (Appeals) consequently allowed the appeal. The Tribunal deleted the additions made by the Assessing Officer towards unexplained cash credits. On appeal contending that the capacity to advance loan was not establishing and the Tribunal ought to have r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee company had not proved the creditworthiness of the creditors to advance the loans to the assessee company?" 2. In the instant case, the Assessing Officer has disallowed the loss on the ground that there was no material. Before the Commissioner of Income-tax (Appeals) remand report was called from the Assessing Officer. The Assessing Officer on remand in his report admitted that the ident ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one of the predicate, namely, capacity to advance loan was not established, and the Income-tax Appellate Tribunal ought to have restored the matter to the Assessing Officer for reconsideration. 4. The learned Tribunal in its order, in order to answer the said contention, observed as under: "The learned Assessing Officer having any doubt with regard to capacity of the party to advance loan, no on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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