2009 (12) TMI 955

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..... missioner of Income tax II, Ahmedabad has filed this Tax Appeal under Sec. 260A of the Income tax Act, 1961 for Assessment Year 200304 proposing to formulate the following substantial questions of law for consideration and determination of this Court: [A] Whether the Appellate Tribunal is right in law and on facts in confirming order passed by the CIT(A) deleting the addition of ₹ 7,14,0 .....

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..... as deposits on the grounds that the assessee could not prove the identity and creditworthiness of the creditors and genuineness of the transaction. The Tribunal found that loans were received by the assessee through baking channel by Account Payee Cheque. The assessee has also filed loan confirmations giving the Permanent Account Number of the loan creditors. Thus, the identity of the loan credito .....

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..... een the investment made in the partnership firms and secured loans taken by the assessee. The Revenue could not bring any positive and relevant material on record to controvert the said finding of the learned CIT (Appeal). The Revenue also could not show that the secured loans were utilized by the assessee other than for the business purpose of the assessee. 4. These all are the findings of fac .....

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