TMI Blog2014 (10) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... el, so the genuineness of the transaction was also proved - The assessee has given the PAN number and full address of each creditors - Their assessment was pending with the same AO - verification of credit entries/transactions was very easy for the AO with the available record pertaining to the creditors - But the AO has not verified the same and adopted a shortcut method by making the addition – ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 94/LKW/2010 for the assessment year 2002-03. The brief facts of the case are that on 1.12.2004, a search and seizure operation under Section 132(1) of the Income Tax Act, 1961, was conducted at the business and residential premises of Shri Amar Nath Gupta group and the residential premises of the assessee was also searched. During the course of search, credit entry pertaining to cash credit of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Agarwal Associates 60,000/- Ankur Agarwal (HUF) 7,50,000/- Nidhi Agarwal 12,00,000/- Seema Jain 3,00,000/- 23,10,000/- Similarly, the following credit entries in the Savings Bank account of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, the A.O. has verified and deleted the addition himself, thus, the entire additions were deleted. The Tribunal has confirmed the same. From the record, it also appears that the identity of the creditors was established. The transaction was made through the proper channel, so the genuineness of the transaction was also proved. The assessee has given the PAN number and full address of each credi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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