TMI Blog2017 (5) TMI 1584X X X X Extracts X X X X X X X X Extracts X X X X ..... ditworthiness and genuineness of the transactions, proceeded to hold that no addition on account of unexplained credit could be made against the assessee, since the assessee was in the process of installing the plant and had not commenced any business activities. As emerges from the impugned order that assessee vide letter dated 24.11.2008 had requested the Assessing Officer to issue summons ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ident from the impugned order (Annexure P-A ), dated 21.10.2015, passed in ITA Nos. 133/CHD/2010 463/CHD/2011 by the Income Tax Appellate Tribunal Division Bench, Chandigarh, that the Tribunal did not discuss the evidence while examining the credit worthiness of the creditors and genuineness of the transactions, only for the reason that a question of law in this regard stands settled in Rosha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so not in dispute that out of 64 creditors, notices never came to be issued to 11 creditors. Quite apparently, learned Tribunal without discussing the evidence, if any, placed on record by the assessee with regard to the creditworthiness and genuineness of the transactions, proceeded to hold that no addition on account of unexplained credit could be made against the assessee, since the assessee wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adduced on record by the respective parties, so they may confirm whether they had advanced loan to the assessee against interest through banking channel or not. The creditworthiness of the creditors and genuineness of the transactions shall be ascertained as per law. Since, the assessment pertains to the year 2006-2007 2007-2008, this Court hope and trust that authority concerned shall take ..... X X X X Extracts X X X X X X X X Extracts X X X X
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