9911796707
TMI Blog2012 (11) TMI 1261X X X X Extracts X X X X X X X X Extracts X X X X ..... g of bogus entries could be drawn. - During search, there is no admission by the assessee therein that they were involved giving bogus/accommodation entries - Findings recorded by the AO is not correct and can not be relied upon. - IT Appeal No. 490 of 2009 - - - Dated:- 19-11-2012 - R.K. AGRAWAL AND Ram Surat Ram (Maurya), JJ. For the Appellant : A.N Mahajan For the Respondent : Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the order of the Tribunal. (1) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in deleting the addition of ₹ 16,91,600/-made by the A.O. By invoking the provisions of section 68 of the Act on account of unexplained cash credits? (2) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in deleting t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own in Agra as Ganga Ram Group cases which is allegedly involved in providing accommodation entries, and added ₹ 16,91,600/- invoking the provisions of Section 68 of the Act on account of unexplained cash credits and ₹ 1,11,600/-invoking the provisions of Section 69-C of the Act on account of interest claimed on unexplained cash credits. The assessee carried the matter in appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit and the interest on it. Feeling aggrieved the Revenue preferred an appeal against the order of the Commissioner of Income-tax (Appeals), which was dismissed by the Tribunal upholding the said order. 3. We have heard Shri Govind Krishna, learned Senior Standing Counsel and Shri Krishna Agarwal, learned counsel appearing for the Assessee. 4. Shri Govind Krishna, learned counsel submits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority to that effect is not correct and can not be relied upon. From the facts found by the authorities, it is clear that the amount of loan was advanced through the Account Payee Cheques and PAN numbers were also furnished. The amount has been repaid through account payee cheques and the lenders has sufficient funds in their bank accounts not by cash deposited on the preceding date or when th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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