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TMI Blog2016 (6) TMI 1411X X X X Extracts X X X X X X X X Extracts X X X X ..... t order dated 30.8.13 of Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, Jodhpur, whereby an appeal preferred by the Revenue against the order of Commissioner of Income Tax (Appeals) [CIT(A)], Udaipur, dated 30.11.12, deleting the addition of Rs. 1,81,46,869/- made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961 ( for short "the Act"), vide assessment order dated 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ious year relevant to the assessment year 2006-07. In response to the notice, the assessee furnished copy of the account of the parties as appearing in the books of accounts giving the details of credit obtained from the creditors. After due consideration of the evidences gathered, the AO arrived at the finding that the cash credits appearing in books of assessee during the financial year 2005-06 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the appellant contended that ITAT has seriously erred in not discussing the various grounds of the appeal of the Revenue wherein the specific short comings disproving the credit worthiness of the creditors are highlighted. Learned counsel submitted that AO had arrived at a categorical finding that credits do not fulfil three parameters of Section 68 i.e. to prove identity of creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir respective credits to the assessee and also given the details of the sources of the deposit. The ITAT opined that the assessee cannot be burdened with proof of 'source of source' and the cash credit cannot be held to be ingenuine by stretching the ingredients of Section 68 too far. We are of the considered opinion that the findings arrived at by the CIT(A), affirmed by the ITAT regardin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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