TMI Blog2010 (10) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... r creditors and Rs. 11,36,866 from one creditor. Maximum amount that has been borrowed by assessee, was Rs. 11,36,866 from Shri K.K. Sharma, director of the company - Held that:- confirmations given by those creditors and observed that there was no reason to doubt correctness of the claimed cash credit amounting to Rs. 24,86,866 taken from the above named creditors, Appeal being devoid of merit is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal was wholly unjustified in reversing the order of the AO, which was reasoned and based on correct appreciation of documents and material on record. While Tribunal has not given any good reason to take a different view, AO has given detailed reasons for assessment by disallowing the cash credit amounting to Rs. 24,86,866 alleged to have been taken from eight different persons as 'unsecured loa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns by way of affidavits admitting advancement of loan to assessee. Unless, it was proved that those persons were capable of earning such money from known sources and could advance the loan, claim made by the assessee could not be accepted on its mere ipse dixit. CIT(A) rightly upheld the order passed by the AO. Tribunal however erred in law in allowing the appeal to that extent on ground No. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... could not be treated as of a lesser importance than the statement given by one of the creditors i.e. Shri K.K. Sharma before the AO. Although, it is another matter that the AO would be entitled to evaluate reability of such version on its own merit. 5. Even otherwise, we find that quantum of amount of Rs. 24,86,866 found to have been borrowed from eight different creditors by way of 'unsecure ..... X X X X Extracts X X X X X X X X Extracts X X X X
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