TMI Blog2018 (8) TMI 2127X X X X Extracts X X X X X X X X Extracts X X X X ..... and so we confirm the same. Appeal of revenue is, therefore, dismissed. - Shri P.M. Jagtap, AM Shri A. T. Varkey, JM For the Appellant : Shri Nicolus Murmu, Addl. CIT. For the Respondent : Shri Subash Agarwal, Advocate. ORDER PER SHRI A.T. VARKEY, JM This is an appeal preferred by the revenue against the order of the Commissioner of Income Tax (Appeals), Siliguri, dated 11.04.2016 for Assessment Year 2012-13. 2. The only grievance of the revenue is against the action of the Ld. CIT(A) in deleting an addition of Rs.50 lakhs. 3. Briefly stated facts of the case are that the assessee is the proprietor of M/s. Ganapati Mini Rice Mills and had taken unsecured loan of Rs. 5 lakh from M/s. Ganapati Mini Rice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the AO. 6. Further, it was also pointed out before us that the loans in question were refunded by the assessee much before the receipt of the notice u/s. 142(1) of the Act which mean that loans were in fact repaid even much before assessment proceeding were initiated by the AO. We note that the advances were for a short term and the loan had been repaid as per the details given below: Date Cheque Number Amount 04/05/2012 22/06/2012 22/06/2012 24/05/2013 039387 039388 039389 013057 TOTAL 15,00,000/- 15,00,000/- 15,00,000/- 1,74,859/- 46,74,859/- GA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mself could not enter into the return of the creditor and brand the same as unworthy of credence. So long it is not established that the return submitted by the creditor has been rejected by its AO, the AO of the assessee is bound to accept the same as genuine when the identity of the creditor and the genuineness of the transaction through account payee cheque has been established. We find that both the CIT(A) and the Tribunal below followed the well accepted principle which are required to be followed in considering the effect of Section 68 of the Act and we thus find no reason to interfere with the concurrent findings of fact recorded by both the authorities. The appeal is thus devoid of any substance and is summarily dismissed. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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