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TMI Blog2015 (2) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... ies have observed (supra) that the assessee was not involved in the business of gold then the statement given by the assessee as well as Driver cannot be relied upon. Regarding creditworthiness of the creditors, it appears that either the amount was meager or the same was shown in the books of accounts. No attempt was made by the Department to verify/examine the creditors. The identity of the creditors has been established. From family members, loan for petty amount can be taken in cash. Hence, it appears that the creditors were genuine - Decided in favour of assessee. - INCOME TAX APPEAL No. - 500 of 2012 - - - Dated:- 4-2-2015 - Tarun Agarwala and Dr. Satish Chandra, JJ. For the Appellant :- Rakesh Ranjan Agrawal For the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e A.O. was not satisfied so he made the addition of ₹ 3.90 lacs. However, the first appellate authority has deleted the said addition by observing that the assessee was involved in the gold business, so the profit might have been earned. Finally, C.I.T.(A) has made the addition of ₹ 40,000/- by deleting the remaining amount. Being not satisfied both the parties have filed appeals before the Tribunal who has restored the addition of ₹ 3.90 lacs by setting aside the order passed by the first appellate authority. Being aggrieved the assessee has filed the present appeal. 5. With this background, we have heard the learned counsel for the parties at length and perused the material available on record. Parties have reiterated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not before the CIT (A), who has wrongly observed that the assessee was engaged in the business of gold, especially when the custom authorities have observed (supra) that the assessee was not involved in the business of gold then the statement given by the assessee as well as Driver cannot be relied upon. 8. Regarding creditworthiness of the creditors, it appears that either the amount was meager or the same was shown in the books of accounts. No attempt was made by the Department to verify/examine the creditors. The identity of the creditors has been established. From family members, loan for petty amount can be taken in cash. Hence, it appears that the creditors were genuine. 9. It may be mentioned that in the case of C.I.T. Vs. O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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