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2015 (8) TMI 1559 - AT - Income TaxAddition u/s 68 - unexplained cash credit - CIT(A) has confirmed the AO's action of adding unsecured loans in case of four parties wherein letter issued stood returned with remarks “not known” - HELD THAT:- As in case CIT vs. Orrisa Corporation Pvt. Ltd. [1986 (3) TMI 3 - SUPREME COURT] holding that once an assessee submits all assessments details of its creditors, it is not supposed to do anything further and the primary onus of proving identity, genuineness and creditworthiness stand discharged. And also that it is Revenue’s job thereafter to rebut the same. It is to be seen that the assessee’s supportive evidence in case of all the creditors eg. its books of accounts, creditors PAN details, confirmations, returns and bank statements etc. stands on equal footing. We observe in these facts that merely because some of them have not been served the postal letters in question does not form a valid ground in rejecting assessee’s plea of genuineness and creditworthiness of the impugned credit to the extent as affirmed in the lower appellate order. Revenue fails to point out any distinction on merits in case of abovestated four creditors vis-à-vis the other eleven parties. We quote the decisions of Chanakya Developers [2013 (10) TMI 7 - GUJARAT HIGH COURT] and CIT vs. Ranchhod Jivabhai Nakhava, [2012 (5) TMI 186 - GUJARAT HIGH COURT] reiterating the abovestated view of the hon’ble apex court in these facts and hold the assessee to have successfully proved genuineness/creditworthiness of all the impugned unsecured loans hereinabove. The Revenue’s sole substantive ground in its appeal fails and assessee’s first ground is accepted.
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