TMI Blog2008 (3) TMI 249X X X X Extracts X X X X X X X X Extracts X X X X ..... ty of creditors by producing their affidavits but not proved capacity of the creditor to advance the money & also the genuineness of the transaction - Since the authorities have recorded a pure finding of fact, assessee’s appeal is dismissed - 430 of 2007 - - - Dated:- 27-3-2008 - SATISH KUMAR MITTAL and RAKESH KUMAR GARG JJ. Mr. A.P. Jain, Advocate, for the appellant-assessee. JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment under Section 143 (3) of the Act while making an addition of Rs. 2,85,000/- on the ground that the appellant has failed to prove the credit worthiness of the creditors, namely Mrs. Sukha Goyal, Mr. Lav Goyal and Smt. Sumita Shekhar, and the genuineness of the transactions of loan and investments made by those creditors. 3. The said order was challenged in appeal by the assessee. The Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anced loan of Rs.55,000/- and subscribed Rs. 45,000/- as share application money. Another creditor, namely Mr. Lav Goyal, had advanced a loan of Rs.1,05,000/- and subscribed Rs. 45,000/- by way of share application money. Though the assessee has established the identity of both these creditors by filing their affidavits, but in the affidavits, they have not mentioned any specific source of money w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentioned. Except these two affidavits, no other material was produced to establish the credit worthiness of the creditors. Since the authorities have recorded a pure finding of fact, which in our view is neither illegal nor perverse, we are of the opinion that no substantial question of law is arising from the order of the ITAT, therefore, we do not find any merit in this appeal. 6. Dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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