TMI Blog2010 (8) TMI 1052X X X X Extracts X X X X X X X X Extracts X X X X ..... in law and on facts in confirming the order passed by the CIT(A) in deleting the addition of ₹ 41,72,462 made on account of unexplained cash credits though the creditworthiness of creditors was not established ? (C) Whether the Tribunal is right in law and on facts in confirming the order passed by the CIT(A) in deleting the addition of ₹ 3,84,282 made on account of disallowance of interest The assessment year is 2003-04 and the relevant accounting period is the financial year 2002The assessee is engaged in the business of petroleum products and transportation. Vide order dt.20th March, 2006, the AO framed assessment under s. 144 r/w s. 143(3) of the Act making addition of ₹ 10,73,822 on account of estimation of GP an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal in the impugned order has recorded concurrent findings of fact to the effect that the assessee was engaged in retail sale of petrol and diesel and as the sale price and purchase price was fixed by the Government, the commission on such sale was also fixed, there was no question of making any estimation on the higher side. The Tribunal further noted that the books maintained by the assessee did not reveal any glaring irregularity hence, the estimation of higher GP was not called for. That considering the nature of the assessee's business, the same did not give any scope for such estimation. Thus, both Tribunal as well as CIT(A) have concurrently found that the rate of commission on diesel was fixed and regulated by Government agen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 20th March, 2006 and the assessee had furnished the required information on different dates and that all information was made available by 27th March, 2006. All the creditors are assessed to tax and that for want of confirmations the additions were made. During the proceedings before CIT(A), the AO was asked to confirm the statement of the assessee that the confirmations were available in the file. In response to which the AO submitted that out of 31 persons 27 had submitted confirmations. The AO had agreed that confirmations were received along with PANs and copies of returns of income filed by some of the depositors were available before the assessment order was passed. CIT(A) upon appreciation of the evidence on record was of the view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and capacity of the depositors by filing relevant details. Thus, both Tribunal as well as CIT(A) have recorded concurrent findings of fact which clearly show that the assessee had discharged the onus under s. 68 of the Act and had proved the identity of the creditors, genuineness of the transactions, as well as capacity of the creditors by furnishing relevant material. In the light of the concurrent findings of fact recorded by the Tribunal it is not possible to state that the conclusion arrived at by the Tribunal is in any manner unreasonable or perverse. On behalf of Revenue, nothing is pointed to show that the Tribunal has taken into consideration any irrelevant material or that any relevant material has been ignored. In the circums ..... X X X X Extracts X X X X X X X X Extracts X X X X
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