TMI Blog2012 (11) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... s are on record. The amount had been advanced through Account Payee Cheques. Before issuing the cheques, they had got the balance in their accounts and the amount has also been repaid through Account Payee Cheques, thus the identity, credit, worthiness etc. of the lenders have been disclosed, therefore addition deleted. Revenue Appeal dismissed. - ITA No. 506 of 2009 - - - Dated:- 7-11-2012 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 11,00,000/-made by the A.O. on account of unexplained cash credit u/s 68 of the Act and also the interest of ₹ 49,167/- paid on the loans? (2) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in coming to the conclusion that since the assessee had filed confirmation letter of the donors and details of PAN as such the identity has been prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oresaid amount in question by invoking provisions of Section 68 of the Act on the ground that the said group of companies are engaged in giving bogus/accommodation entries. The assessee carried the matter in appeal before Commissioner of Income-tax (Appeals), Agra who by order dated 31-01-2008 found that the lenders were regular income tax assessee and their PANs are on record. The amount had been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ram Agarwal Companies and in the search operation carried thereon it has been established that the group is engaged and providing bogus/ accommodation entries, merely because the lenders are tax-payers and regular assessee and the amount has been advanced through account payee cheques and repaid also through the account payee cheques. The cash credit/loan being bogus had rightly been found as un ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
