TMI Blog2013 (1) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... nding was reached after detailed examination of each of the cash credits. The revenue has not been able to show that a concurrent finding of fact arrived by the authorities below is either perverse or arbitrary. The CIT(A) has made a distinction between monies advanced by a creditor all by himself and monies advanced by him after collecting funds from his close relatives - in favour of assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2005-06, the respondent-assessee filed its return of income declaring its income as Nil. During the course of assessment proceedings, the Assessing Officer concluded that there was cash credit in the names of 15 parties in the respondent's books of accounts. The explanation offered by the respondent-assessee in support of its contention was that the amounts credited in its acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arious parties and the explanation offered by the respondent-assessee with regard to it was accepted and the addition of RS.43.75lacs was deleted. However, the explanation offered for the amount of Rs.18.25lacs was rejected and the addition of the same by the Assessing Officer was upheld by order dated 4/7/2008 of the Commissioner of Income Tax (Appeals). 5) Being aggrieved, both the appellant-rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted before the CIT(A)(pages 31 and 32 of the Paper Book) shows that some of the parties who were staying in Gujarat and Rajasthan have received the summons issued by the Assessing officer and six persons have also filed extracts of 7/12 to show their land holdings. All these facts have been duly taken into consideration by the CIT(A) and he has examined each and every credit item by item. Aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income of the assessee. This finding was reached after detailed examination of each of the cash credits by the Commissioner of Income Tax (Appeals).This finding of fact has been upheld by the Tribunal. The revenue has not been able to show that a concurrent finding of fact arrived by the authorities below is either perverse or arbitrary. 7. In view of the above, no substantial question of law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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