2016 (10) TMI 366

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..... nst the judgment of the Income 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 .....

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..... r, was of the 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 .....

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