9911796707
TMI Blog2013 (9) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Assessment Year 2001-02. 3. The assessee-appellant has raised the following substantial questions of law, for consideration:- "1. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in law in upholding the order of the ld. CIT (A)-I, Kanpur in deleting the addition of Rs.22,00,000/- made by the AO on a/c of unexplained cash credits u/s 68 of the Act without appreciating that the assessee failed to discharge the onus lay upon it to prove the identity and credit worthiness of the creditors/donors and the genuineness of the said transaction? 2. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in law in upholding the order of ld. CIT (A)-I, Kanpur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8/225, Y Block, Kidwai Nagar, Kanpur 150000/- 19.10.2000 23.10.2000 Manoj Kr. Agarwal, 36/31G, Ram Mohan Ka Hata, Kanpur 150000/- 18.10.2000 23.10.2000 Smt. Usha Agarwal, 36/31G, Ram Mohan Ka Hata, Kanpur 150000/- 18.10.2000 23.10.2000 Anil Kr. Khandelwal, 60/49, Nayaganj, Kanpur 200000/- 07/11/00 09/11/00 Santosh Kr. Agarwal, 60/49, Nayaganj, Kanpur Chandrika Pd. Agarwal, 43A, Dharipurwa, Kanpur 200000/- 200000/- 07.11.2000 (Rs.199000/-) 08.11.2000 09.11.2000 13.11.2000 Raj Kuamr Agarwal, 53/14, Nayaganj, Kanpur 100000/- 08/11/00 13.11.2000 Prem Shanker, 56/57, Kahoo Kothi, Kanpur 200000/- 09/11/00 13.11.2000 6. The AO further found that neither the identity nor the creditw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not discharged the burden placed on him and did not prove the genuineness of transactions found to be circular transactions by the assessee. The opinion of the Assessing Officer is required to be formed objectively with reference to the material available on record. In the present case, the Assessing Officer had considered the materials. So far as the gifts are concerned, these were proved by the assessee to be genuine and on such deletion we do not find any error of law in the findings recorded by CIT (A) and ITAT. One of the donor had appeared and the other had filed his affidavit and I.T. return to prove the transactions. 10. In the aforesaid circumstances, the questions as framed are returned in favour of the revenue and against the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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