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TMI Blog2014 (5) TMI 508X X X X Extracts X X X X X X X X Extracts X X X X ..... essed to tax - The money was paid through account payee cheque - the identity of the creditor is established when the confirmation has been filed in each case - The payment was made through account payee cheque, so the transaction is genuine - The creditors were the income tax assessees and they have shown the amount in their accounts - creditworthiness has been proved - All the three ingredients ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oes. It was 100% export oriented undertaking and enjoying the relief under Section 80HHC. While making the scrutiny under Section 143(3) of the Act, the A.O. observed that the assessee has taken the cash credit to the tune of Rs. 17,50,000/- from eight creditors. After examining the material, the A.O. has treated the cash credit as genuine. However, the CIT was not satisfied, so he passed an or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh the material available on record. After hearing both the parties, it appears that the A.O. has passed the assessment order under Section 143(3) of the Act, after examining the entire material. The issue relating to the cash credit was also examined by the Tribunal, who observed that the assessee had filed the confirmation list from the creditors, all the creditors are assessed to tax. The mo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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