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2018 (1) TMI 387 - AT - Income TaxUnexplained cash credit - Held that:- Just before giving the loan there is deposit of equivalent amount in the bank accounts is certainly a factor for which the revenue authorities cannot put upon blinkers. The facts of the case as noted by the authorities below clearly indicate that the creditworthiness of the lenders have not at all been established. In such circumstances, there is no infirmity in the order's of the authorities below wherein these have been added in the hands of the assessee as unexplained credits. In fact, on the facts and circumstances of the case, ratio from Hon’ble Apex Court decision in the case of Sumati Dayal vs. CIT [1995 (3) TMI 3 - SUPREME Court] and CIT vs. Durga Prasad More [1971 (8) TMI 17 - SUPREME Court] is applicable wherein it was held that the revenue authorities should not put upon blinkers but look into the economic realities and surrounding circumstances. The fact in the present case indicate that despite the assessee making available confirmation and other evidence, the creditworthiness of these lenders is abysmally low and hence these loans have rightly been added as unexplained credit in the hands of the assessee. - Decided against assessee.
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