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2015 (10) TMI 590 - AT - Income TaxUnexplained cash credit - CIT(A) deleted the addition - Held that:- On a careful perusal of the orders of the lower authorities, we find that undisputedly the Inspector’s report submitted to the ADIT, Kolkata was not furnished to the assessee, therefore, the assessee could not make his comments thereon. It is also undisputed fact that the creditor was assessed to tax as his PAN and assessment order were furnished before the Assessing Officer. Moreover, the balance sheet and profit and loss account of the creditors were also furnished and from the balance sheet, it has been established that the creditors were having sufficient balance to make deposit in the assessee-company. Moreover, the assessee has received depositors through banking channel, therefore, its nature cannot be doubted. Since the assessee has placed all the relevant evidence to prove the genuineness of the transaction and creditworthiness & identity of the creditors, addition under section 68 of the Act is not called for. We have also carefully perused the judgments referred to by the assessee and we find that it has been repeatedly held that once the assessee has discharged his onus of proving the creditworthiness & identity of the creditors and genuineness of the transaction, no addition under section 68 of the Act is called for. In the light of these judicial pronouncements, we are of the view that the ld. CIT(A) has properly adjudicated the issue in the light of the given facts. Therefore, we find no infirmity in his order. Accordingly we confirm the same. - Decided in favour of assessee.
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