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2012 (1) TMI 65

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..... count and issued cheque in favor of assessee. lender company is an income tax assessee. Books of accounts together with Financial statements were produced. All these were taken sufficient by the Tribunal to prove the identity and source of the creditor. No infirmity is found in the order – Decided against the Revenue. - INCOME TAX APPEAL No. - 28 of 2003 - - - Dated:- 18-1-2012 - R.K. Agraw .....

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..... 2. The respondent-assessee is an individual. For the assessment year 1991-92 the respondent-assessee filed his return of income on 30.8.1991 disclosing a sum of Rs. 44,810/-. While completing the assessment under section 143(3) of the Act the assessing officer noticed that the assessee had received an amount of Rs. 1,65,000/- on 10.7.1990 as deposit from M/s Vardhman Trading Company. In order to v .....

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..... nd the creditworthiness of the creditor, the assessing officer added the aforesaid amount of Rs. 1,65,000/- as income from the unexplained cash credit under section 68 of the Act. The assessee preferred an appeal before the Commissioner of Income Tax (Appeals) who vide order dated 21.3.1995 upheld the addition. Feeling aggrieved the assessee preferred a second appeal before the Tribunal. The Tribu .....

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..... Tribunal suffers from serious legal infirmity and the order passed by the assessing officer as confirmed by the CIT Appeals should be restored. From the orders of the authorities below we find that M/s Vardhman Trading Company was having a cash in hand of Rs. 1,73,519/-. The said firm had deposited a sum of Rs. 1,65,000/- on 10.7.1990 and thereafter issued a cheque of the like amount in favour .....

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