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2007 (7) TMI 626 - HC - Income TaxIncome from undisclosed sources - share capital - failed to establish the credit-worthiness and genuineness of the transactions - Whether Tribunal was correct in law in deleting the addition made by the Assessing Officer u/s 68 - HELD THAT:- As per findings of the Tribunal, the CIT(A) did not dispute the Assessee’s contentions that payments have been made by account-payee cheques and addresses of the shareholders had been furnished. However, CIT(A) held that the assessee failed to establish the creditworthiness of the cash creditors and genuineness of the transactions. It is apparent from the order of the Tribunal that it has not gone into the question of credit worthiness of creditors and genuineness of the transaction. Since, in the present case, the Tribunal has not gone into credit worthiness of the creditors and genuineness of the transaction, it is a fit case which ought to be remanded to the Tribunal give its finding on these two issues. Learned counsel for the revenue has also stated during the course of argument that she has no objection if the matter is remanded on these issues. Thus, we remand the matter back to the Tribunal with directions to give its finding on creditworthiness of the creditors and genuineness of the transaction. Accordingly, the present appeal stands disposed of.
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