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TMI Blog2015 (4) TMI 1160X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in deleting the addition of Rs. 10,67,572/- appearing against the name of 5 persons, which have been added by the AO with the aid of section 68 on account of unexplained cash credit. 2. The assessee is an individual running a proprietary concern in the name and style of M/s. Amik Printers. He has filed his return of income on 29-10-2005 declaring total loss of Rs. 10,69,779/-. The case of the assessee was selected for scrutiny assessment and notice under section 143(2) was issued and served upon the assessee. On scrutiny of accounts, it revealed to the Ld. AO that assessee had credit entries, which are appearing against the names of13 persons. He took note of these entries as under:- Sr. No. Name of the Party Deposited amount and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ai Nanikram, out of the list extracted above. 5. With the assistance of Ld. representatives, we have gone through the record carefully. Section 68 of the Act contemplates that where any sum is found credited in the books of an assessee maintained for any previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the AO, satisfactory, the sum so credited may be charged to income tax as the income of the assessee of that previous year. No doubt, credit entries are available against the names of 13 persons in the books of assessee, therefore, he is supposed to explain the source of deposits in the books. Section 68 of the Act puts an obligation upon the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ukhdas Dulhanomal A Pritmani had not received any money from the assessee before issuance of a cheque to the assessee. He was a income tax payer and the copy of the return was also submitted. It is pertinent to mention that there are 13 creditors. Ld. CIT(A) has confirmed the addition qua four, meaning thereby, additions have been deleted qua 9 creditors. Revenue is challenging the deletion qua five creditors only. The grievance of the revenue is that discussion was not made by the Ld. First Appellate Authority with respect to five. In our opinion, when Ld. First Appellate Authority has made observation about 13 creditors then it is to be appreciated that Ld. First Appellate Authority must have a glance on all the details. It is the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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