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TMI Blog2014 (2) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... an is received from the banking channel, in absence of confirmation, the creditworthiness of the depositors cannot be ascertained - The Counsel from both the sides fairly accepted that the matter may be set aside to the CIT(A) for de novo – the order fo the CIT(A) set aside – Decided in favour of Revenue. - ITA No. 2175/Ahd/2010 - - - Dated:- 8-8-2013 - Shri Mukul Kr. Shrawat And Shri T. R. Meena,JJ. For the Petitioner : Shri T. Sankar, Sr. D.R. For the Respondent : Shri J. P. Shah, A.R. ORDER Per : Shri T. R. Meena, Accountant Member This is an appeal at the behest of the Revenue which has emanated from the order of CIT(A)-XX, Ahmedabad, dated 25.03.2010 for A.Y. 2007- 08. The effective grounds of appeal are as und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ices to scrutinize the case u/s. 143(3) of the IT Act. No confirmation has been filed in case of following cash creditors: Sr. No. Name of Depositors Amount in Rs. 1. Dharmendra H Desai 350000 2. Kalpesh H Desia 100000 3. Ramilaben H Desai 700000 4. Roopal D Desai 450000 5. Himal K Parikh HUF 1000000 6. H C Desai 685000 7. Kshama M Patel 300000 8. Paulmi H Parikh 1000000 Total 4270000 The assessee also paid interest @ 12% on these cash creditors at Rs.4,91,382/- and also made investment in assets by applying thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in Rohini Builders case Supreme Court in Orissa Industrial Corporation's case as sufficient for accepting the genuineness of the Cash Credit. If A.O. has any dissatisfaction, he could have proceeded further in accordance with the provisions of law, which he did not do. The evidences filed and explanation offered reveals that he has no genuine reason to treat the borrowing as unexplained Cash Credit. 3.2 The A.R. has also in his chart reproduced herein above furnished further supporting evidences like "Affidavits, Cross Confirmations, Cross References, to Bank of Creditors, B/s. of Creditors, I.T. Returns etc., which further support in full the genuineness of the Credits. All the supporting evidences referred to In columnar Chart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no meaning when all the details are filed and all requirements of all the three ingredients are fulfilled. Under the aforesaid facts and circumstances, the appellant has proved not only the identity of the creditors and genuineness of transactions but also the creditworthiness of all the creditors. Thus, the appellant has fully discharged the burden casts upon him to prove the genuineness of the cash credits. In view of the above discussion I hold that the addition made by the Assessing Officer is not justified. The addition of Rs.42,70,000/- made u/s.68 of the Act, is, therefore directed to be deleted. For U/s. addition 69C 3.5 Since I have found that all credits are received through Account payee cheques and finds place in the bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e further argued that paper books submitted by the appellant did not enclose any confirmation before the A.O. as the ld. A.O. had endorsed the letter dated 11.05.2009 which emphasized that only reply had been filed without any confirmation of the cash creditors. It had been further clarified by the ld. A.O. that most of the details called for had not been filed by the assessee and in spite of repeated opportunities granted to the assessee as mentioned in the assessment order. The ld. CIT(A) had not given any opportunity or sought any remand report from the A.O. and without affording any opportunity to the A.O. he had allowed the appeal. Thus, he requested to set aside the order of the CIT(A). At the outset, ld. Counsel for the appellant fil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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