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2015 (5) TMI 319 - HC - Income TaxAddition u/s 68 - ITAT deleted addition - Held that:- In this case the assessee was given fullest opportunity to prove his case. The view that the source of income of the creditors and their creditworthiness was required to be gone into militates against the view taken by the Tribunal. The learned Tribunal, it is obvious, did not examine the correctness of the views expressed by the assessing officer and the CIT (Appeals). No reasons have been disclosed as to why the views expressed by the CIT (Appeals) and the assessing officer are wrong.The learned Tribunal proceeded to set aside the order without any examination whatsoever of the views expressed as would appear from the paragraph quoted above. It is now well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. Thus the view taken by the learned Tribunal is not sustainable. - Decided in favour of revenue.
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