TMI Blog2022 (7) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... ree ingredients were necessary. Firstly identity of the parties to the transaction of loan, second is the creditworthiness of such parties and thirdly the genuineness of the transaction. It was submitted in vain that neither of the ingredients were satisfied. As discussed above, since the requisite material was furnished by assessee showing the identity and since the assessee was not beneficiary when the loan was repaid in the subsequent year, even the ingredients of creditworthiness and genuineness of transaction were well satisfied. No substantial question of law. - R/TAX APPEAL NO. 306 of 2022 - - - Dated:- 5-7-2022 - HONOURABLE MR. JUSTICE N. V. ANJARIA And HONOURABLE MR. JUSTICE BHARGAV D. KARIA MR MANISH BHATT. SR ADVOCAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er made addition under Section 68 of the Act. 3.1 While the assessing officer dealt with unexplained cash credit from the M/s. Satya Retail Private Limited and from M/s. J.A Infracon Private Limited in his order in paras 5.1 and 5.2 respectively, the Commissioner of Income Tax in the appeal preferred by assessee found on facts and the material before it that the said two cash creditors had been holding there identity, creditworthiness and genuineness in respect of the loan transactions. 3.2 The appellate authority observed that, In this regard, it has been noticed that ledger accounts and confirmations of the aforesaid two parties have been provided by the appellant to the AO in the assessment proceedings. Thereafter, the AO also car ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies and that they could not be doubted for their genuineness. 3.5 While the revenue has tried to put up a case that the transactions were in the nature of accommodation entries, this case has only presumptive and assumptive value not supported by any factual data. On the contrary, on the basis of the material before the authorities, the transactions were found to be genuine. 4. Learned advocate for the appellant attempted to emphasize that for the purpose of application of Section 68 of the Act, three ingredients were necessary. Firstly identity of the parties to the transaction of loan, second is the creditworthiness of such parties and thirdly the genuineness of the transaction. It was submitted in vain that neither of the ingredien ..... X X X X Extracts X X X X X X X X Extracts X X X X
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