9911796707
TMI Blog2013 (3) TMI 702X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer had made sufficient inquiries and found that the entire transaction is not genuine and essentially amounted to rooting the cash amount of the assessee through alleged source. X X X X Extracts X X X X X X X X Extracts X X X X ..... credits may not be genuine, no case is made out for any such addition?" 2. As is apparent from the questions framed, issue pertains to the addition made by the Assessing Officer under Section 68 of the Income-tax Act. 3. Having heard learned Counsel for the appellants, it is noticed that the Tribunal, while reversing the order of the CIT(Appeals), confirmed the order of the Assessing Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly thereafter cheques of matching amounts were issued by them in favour of the assessee. This is not a matter of co incidence in one or two cases but a part of well-calculated design to first deposit matching amounts in the bank accounts of creditors and thereafter have the cheques issued in favour of the assessee from those bank accounts with a view to show that the transactions have been routed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her income tax return of income against her capacity." We are unable to agree with the aforesaid observations made by the CIT(A). The creditworthiness of a creditor is not a matter of presumption but a matter of fact to be established by the assessee on the basis of evidence. The mere fact that the creditors are income-tax payee does not by itself establish the availability of cash in their ..... X X X X Extracts X X X X X X X X Extracts X X X X
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