2017 (9) TMI 2001

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..... nd the bank statements of the payee for the present assessment year as well as in the earlier assessment year where such an issue had cropped up. Essentially, Commissioner of Income Tax (Appeals) as well as the Tribunal held that the assessee established the genuineness of transaction, creditworthiness of payee and the source of the payment. The issue hinges on appreciation of material on record. .....

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..... 007] 291 ITR 278 (SC) where in it is held that the money came by way of bank cheques and was paid through the process of banking transaction was not by itself of any consequence ? 2. For the assessment year 2010 11 in the order of assessment, the Assessing Officer had made an addition of unexplained cash credit of Rs.50,86,007/ which included a sum of Rs.47.90 lakhs and interest of Rs.2,96,0 .....

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..... , copy of return and bank statements etc. in both assessment years. We thus find no reason to adopt a different approach in the impugned assessment year in this backdrop of facts. These two Revenue's ground are accordingly declined. 3. From the materials on record, Commissioner of Income Tax (Appeals) and Tribunal both had come to the conclusion that the assessee had produced the copy of .....

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