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2019 (2) TMI 657 - HC - Income TaxAddition u/s 68 - unexplained cash credit - Whether the Tribunal was correct in having deleted the additions, since the creditworthiness of the donor, to the three partners, who are said to have given advances to the firm, had not been established? - Held that:- The assessee firm has been able to point out the persons, from whom the firm had received credits. With respect to M.A. Unneeri Kutty [1991 (9) TMI 31 - KERALA HIGH COURT], it has to be noticed that the decision is an authority for the proposition that the assessee has to prove the identity of the creditor as also his creditworthiness and the genuineness of the transactions. Here, the creditors, as pointed out by the assessee firm, were the three partners. The three partners had also produced credible material to show their source of income for the specific advances made to the firm. If at all the source of the donor/ creditor is doubted, then there could be an assessment made only on that donor or creditor and not on the firm, who has proved the identity and creditworthiness of their creditor. To that end is the various decisions placed on record by the learned Amicus Curiae. We agree with the learned Amicus Curiae that no question of law arises from the order of the Tribunal and hence we reject the above appeal.- Decided in favour of assessee
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