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TMI Blog2009 (12) TMI 1049X X X X Extracts X X X X X X X X Extracts X X X X ..... at the CIT(A) has erred in confirming the disallowance of Rs.1,97,346/- against the brokerage expenses claimed by the assessee. The very same issue was considered by the ITAT, Ahmedabad, D Bench in assessee s own case for the assessment year 2001-2002 in their order dated 7-8-2009 passed in ITA No.3288 3360/Ahd/2004. After considering the facts and circumstances of the case, the Tribunal has accepted the genuineness of the claim and has directed the assessing authority to allow the entire amount thereby deleting the disallowance. As a finding of fact has already been arrived at by the Tribunal in assessee s own case for earlier assessment year on the basis of materials available on record, we find that the earlier decision of the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e considered the matter in detail. The facts of this issue have been considered by the lower authorities and argued by the parties before us in the light of plethora of case laws. One of the creditors involved in the case is Mrs.Sunita Krishnani. Her case was considered by the Tribunal in assessee s own case for A.Y.2001- 2002 by ITAT, Ahmedabad D Bench. Mrs.Sunita Krishnani furnished her P.A. Number, confirmation of advancing money, computation of her income to establish the resourcefulness and balance sheet etc. In spite of all these technical details, the Tribunal has held for the said assessment year 2001-2002 that the credit stated to have been given by Mrs.Sunita Krishnani was not explained. The addition was accordingly upheld by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is true that a house-wife may be earning income out of tuition. It may be true that a housewife may be earning income by designing or gardening etc. All these possibilities have to be examined in the light of the facts and circumstances of the case surrounding each and every individual case. In the present case also, the creditors have explained the nature of activities carried on by them to generate income. But we are of the view that all these activities explained by the creditors are fanciful explanations just to help out the assessee. When we examined the surrounding circumstances of the creditors, mainly relatives of the assessee, who are coming from business families, it is to be seen that the explanations regarding the activities fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound raised by the assessee is that the CIT(A) has erred in confirming the disallowance of interest of Rs.1,32,543/- pertaining to cash credits added under Section 68. As the cash credit addition of Rs.7,25,000/- is confirmed, as mentioned in the above paragraphs, this addition is consequential and liable to be confirmed. 7. The fourth ground raised by the assessee is that the CIT(A) has erred in confirming the disallowance of Rs.1,63,500/- against interest expenses in respect of cash credits relating to the assessment year 2001-2002. Certain cash credits relating to the assessment year 2001-2002 have been accepted by the Tribunal as genuine. Therefore, the assessee s claim for deduction of expenditure pertaining to the said credits acce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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