9911796707
TMI Blog2012 (8) TMI 1129X X X X Extracts X X X X X X X X Extracts X X X X ..... s CIT (Appeals) and has also considered the other material on record. The Tribunal on its own independent analysis of the matter has reached to the factual conclusion about the genuineness of the transaction and in this process the Tribunal has taken note of the fact that the detailed account of the concerned parties were filed by the assessee and the entries in the account were through account payee cheques, the source of deposit in the bank was not in dispute and the identity of the parties was established and also that the creditworthiness of the creditors was also established. The aforesaid finding which has been recorded by the Tribunal is essentially a finding of fact. In view of the Division Bench judgment of this Court in the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count and their respective utilisation, the payments were through account payee cheque, the source of each entry was fully proved, the identity of the creditors was proved and the genuineness of the transaction is held to be proved. Accordingly the tribunal affirmed the order of the CIT (Appeals). 3. Learned counsel appearing for the appellant submitted that the CIT (Appeals) as well as ITAT were not justified in deleting the addition made by the assessing officer on this account since creditworthiness of the concerned parties was not proved. 4. Having heard the learned counsel for appellant and on the perusal of the orders passed by the Tribunal, it is found that the Tribunal has elaborately dealt with this issue. The Tribunal by appreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arda Agencies, the assessee had filed copy of accounts and Bank account of creditors. The assessee and creditor have explained each and every entry of inflow of money in the bank account and their respective utilization. The assessee has also filed detailed copy of account of M/s. Karthik Trading Company and M/s. Rai Enterprises from whom these creditors received money in their Bank account. The assessee company has filed detailed copies of accounts of all the four parties with the assessee company alongwith the copy of account of the assessee company in their books and so also copies of their bank accounts with narration against each entry. 12. After going through all these accounts, we found that entries in the account of all these four p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled to prove their identity and they also personally appeared before the AO and their statement was also recorded. The genuineness of the transaction stand proved by the personal appearance of the creditor and their acceptance in respect of their credits appearing in the books of the assessee and the loan was given out of their Bank account. The creditworthiness of creditors are proved by their regular books of account which indicated that all entries in their accounts have travelled through bank account through account payee cheques. The respective deposit in the Bank account was also verified by the Assessing Officer. By filing various details, these creditors have proved their capacity to advance these loans. The detailed finding record ..... X X X X Extracts X X X X X X X X Extracts X X X X
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