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TMI Blog2017 (5) TMI 1584X X X X Extracts X X X X X X X X Extracts X X X X ..... arned Tribunal without discussing the evidence, if any, placed on record by the assessee with regard to the creditworthiness and genuineness of the transactions, proceeded to hold that no addition on account of unexplained credit could be made against the assessee, since the assessee was in the process of installing the plant and had not commenced any business activities. As emerges from the impug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the common case of the parties, as is also evident from the impugned order(Annexure P-A), dated 21.10.2015, passed in ITA Nos. 133/CHD/2010 & 463/CHD/2011 by the Income Tax Appellate Tribunal Division Bench, Chandigarh, that the Tribunal did not discuss the evidence while examining the credit worthiness of the creditors and genuineness of the transactions, only for the reason that a question of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the instant case, which fact is also not in dispute that out of 64 creditors, notices never came to be issued to 11 creditors. Quite apparently, learned Tribunal without discussing the evidence, if any, placed on record by the assessee with regard to the creditworthiness and genuineness of the transactions, proceeded to hold that no addition on account of unexplained credit could be made against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... afresh on the basis of material adduced on record by the respective parties, so they may confirm whether they had advanced loan to the assessee against interest through banking channel or not. The creditworthiness of the creditors and genuineness of the transactions shall be ascertained as per law. Since, the assessment pertains to the year 2006-2007 & 2007-2008, this Court hope and trust that au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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