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TMI Blog2016 (10) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... one round of remand, the assessee produced necessary documents such as the bank statement of Sarvoday cooperative bank of M/s.Pepilon Exports as well as that of the assessee. It was noticed that a cheque was issued by M/s.Pepilon Exports in favour of the assessee in January 1997 for the said sum of ₹ 6.85 lacs. On the same day, the amount was transferred to the account of the assessee which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Appellate Tribunal raising following question for our consideration. Whether the Appellate Tribunal has substantially erred in deleting the addition made on account of unexplained cash credit /s 68 of the Act, when as per the AO, the assessee failed to prove creditworthiness of the creditor? 2. Having perused the orders on record, with the assistance of the learned counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opinion that since Sarvoday bank was in liquidation, further inquiry with the said Bank could not be made. 3. We do not find any error in the view of the Commissioner of Income tax (Appeals) and the Tribunal. Above noted facts are undisputed. Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which, there was ample other evide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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