TMI Blog2013 (3) TMI 702X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to rooting the cash amount of the assessee through alleged source. - TAX APPEAL NO. 825 OF 2012 - - - Dated:- 14-3-2013 - AKIL KURESHI AND MS. SONIA GOKANI, JJ. S.N. Soparkar , Jaimin Dave and B.S. Soparkar for the Appellant. ORDER Akil Kureshi, J. The assessee is in appeal against the judgment of the Income Tax Appellate Tribunal, Dated : 05.10.2012, raising following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out for any such addition? 2. As is apparent from the questions framed, issue pertains to the addition made by the Assessing Officer under Section 68 of the Income-tax Act. 3. Having heard learned Counsel for the appellants, it is noticed that the Tribunal, while reversing the order of the CIT(Appeals), confirmed the order of the Assessing Officer and has made following observations:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sued by them in favour of the assessee. This is not a matter of co incidence in one or two cases but a part of well-calculated design to first deposit matching amounts in the bank accounts of creditors and thereafter have the cheques issued in favour of the assessee from those bank accounts with a view to show that the transactions have been routed through banking channels and thereby create cloak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We are unable to agree with the aforesaid observations made by the CIT(A). The creditworthiness of a creditor is not a matter of presumption but a matter of fact to be established by the assessee on the basis of evidence. The mere fact that the creditors are income-tax payee does not by itself establish the availability of cash in their hands or their creditworthiness to advance any sum of mone ..... X X X X Extracts X X X X X X X X Extracts X X X X
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