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TMI Blog2014 (12) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... ve satisfaction of the Assessing Officer contrary to the evidences available? 2. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in deleting the addition made under Section 68 especially when some of the creditors had denied to advance any loan made to the assessee and some were not credit worthy as the same was not proved satisfactorily? 3. Whether in the facts and circumstances of the case, the findings rendered by the Tribunal are perverse and illegal going by the test of human probabilities as applied by the Hon'ble Supreme Court in the decision rendered in Sumati dayal Vs. CIT 214 ITR 801?" 2. The assessment in this case relates to the assessment year 2006-07. The assessee is a company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sekarapuram (iii)Copy of chitta & patta issued by VAO of Kulasekarapuram (b) In the case of Smt. S.Lingam (i) Notarised affidavit of Mrs. Lingam (ii) Agricultural cultivation income certificate for Rs. 1,90,000 per annum issued by VAO, Radhapuram (iii) Copy of chitta & patta issued by VAO, Radhapuram (13 Nos.) (c)In the case of Mr.S.Murugesan: (i) Notarised affidavit of Mr.S.Murugesan (ii) copy of patta issued by Taluk Officer, Radhapuram (iii) Copy of chitta & patta issued by VAP, Radhapuram (iv) Copy of Post Office recurring deposit. (v) Copy of Special Bench account statement. (d)In the case of Mr.B.Ramamoorthy: (i) Notarised affidavit of Mr.B.Ramamoorthy (ii) Agricultural cultivation income certificate for Rs. 1,02,000 per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no reason to disbelieve the evidence filed to prove the credits in question. Aggrieved by the order of the Commissioner of Income Tax (Appeals), the Revenue has filed an appeal before the Income Tax Appellate Tribunal. 4. The Tribunal considering the rival submissions made came to the conclusion that the loans in this case were given to the assessee through cheques and all the creditors have confirmed by appearing before the Additional CIT (Investigation) stating that they had advanced loans mentioned against their names to the assessee-company. Therefore, the identity of the creditors could not be disputed. The only difficulty appears to be that some of them do not have PAN numbers, but that by itself should not be a reason to discre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on the previous day and cheques were issued on the next day. There appears to be no legal bar for such transaction. It is seen from the order of the Commissioner of Income Tax (Appeals) as well as from the order of the Tribunal that the assessee had given plausible explanation for having taken a loan for a sum of Rs. 37.00 lakhs, for which, the assessee had produced evidences to prove the creditworthiness and genuineness of the transaction. From the evidences produced it is clear the the assessee had fulfilled the requirements under Section 68 of the Income Tax Act. 7. We find that the issue raised is pure question of fact. Hence, we find no question of law much less any substantial question of law arises for consideration in this appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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