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TMI Blog2015 (5) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... expressed as would appear from the paragraph quoted above. It is now well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. Thus the view taken by the learned Tribunal is not sustainable. - Decided in favour of revenue. - G.A.No.905 of 2015, G.A.No.904 of 2015, ITAT 46 OF 2015 - - - Dated:- 28-4-2015 - Girish Chandra Gupta And Arindam Sinha JJ. For the Appellant :Mr. S.Mookherjee For the Respondent : Mr. Avratosh Mazumder,ld.Govt.Pleader Advocate Mr. Avra Mazumder, Advocate ORDER The Court: The application for condonation of delay of 38 days in filing the appeal, after hearing the parties, is allowed. The application being G.A. No.904 of 2015 is thus disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to all 39 alleged lenders under section 131 of the Income Tax Act. Notices sent to 9 of them came back with the endorsement Not Known . Notices were served upon the balance 30 persons. 22 of them did not turn up. 8 of them did. Some of them deposed that they never lent any money. Some of them were undecided. The assessing officer, for reasons recorded, was of the opinion that the creditworthiness of the alleged creditors and the genuineness of the transactions were not proved by the persons who responded to the summons under section 131. Those who did not turn up, naturally, were not examined. The assessee failed to furnish any further explanation. It is, in that view of the matter, the addition under section 68 of the Income Tax Act w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inate Bench of this Tribunal in the case of Jyoti Saraf referred to supra, the addition as made by the Assessing Officer and as confirmed by the Ld.CIT (Appeals) stands deleted. The learned Tribunal, it is obvious, did not examine the correctness of the views expressed by the assessing officer and the CIT (Appeals). No reasons have been disclosed as to why the views expressed by the CIT (Appeals) and the assessing officer are wrong. The learned Tribunal proceeded to set aside the order without any examination whatsoever of the views expressed as would appear from the paragraph quoted above. It is now well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. Reference, in this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterfere because the order is not right. The appellate authority has jurisdiction to interfere only when the order is wrong. Reference may be made to the judgement of the Apex Court in the case of The Dollar Company -Vs-Collector of Madras reported in AIR 1975 SC 1670. Mr. Majumdar, learned counsel appearing for the assesseerespondent drew our attention to a judgment of the Apex Court in the case of C.I.T. Vs. Orissa Corporation Pvt. Ltd. reported in 1986 (Supp.) SCC 110. What had happened in that case was that a loan for a sum of ₹ 1,50,000/- allegedly obtained by the assessee had been added back under Section 68 of the Income Tax Act. The assessee had produced documentary evidence to show that the loan was backed by hundi tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by their Lordships in the peculiar facts of that case does not apply to the case before us because in this case the assessee was given fullest opportunity to prove his case. The view that the source of income of the creditors and their creditworthiness was required to be gone into militates against the view taken by the Tribunal. In the case of Sreelekha Banerjee referred to in paragraph 11 of the judgement, the views expressed were as follows:- 11. In Sreelekha Banerjee v. CIT, this Court held that if there was an entry in the account books of the assessee which showed the receipt of a sum on conversion of high denomination notes tendered for conversion by the assessee himself, it is necessary for the assessee to establish, if ask ..... X X X X Extracts X X X X X X X X Extracts X X X X
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