2010 (10) TMI 796

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....appeal has been filed by the Revenue against the judgment of the learned Income-tax Appellate Tribunal (for short, "Tribunal") dt. 22nd May, 2009 by which, appeal filed by the assessee against the order of Commissioner of Income-tax (Appeals) [for short, "CIT(A)"] was partly allowed and the cash credit of Rs. 24,86,866 claimed by the assessee, which was disallowed by the AO, was allowed and the AO....

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....tice under s. 131 and made statement on 27th Feb., 2002. Explanation was unsatisfactory raising doubt about number of facts as to how and in what manner he secured the said money. Explanation that was given was that he received Rs. 2 lacs from his grandfather out of which, Rs. 1 lac was taken back by his grandfather and his grandfather received this money from sale of the property but he failed to....

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....rsons in response to the notice given by the AO, by itself cannot be a reason to discard their version particularly when one of them had appeared and admitted advancement of loan. Even if others have subsequently filed their confirmations supported by their affidavits, it cannot be assumed that they would not have made same statements, if they had appeared in response to the notice issued by the A....

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.... borrowed by assessee, was Rs. 11,36,866 from Shri K.K. Sharma, director of the company. Tribunal in paras 7 and 8 of its judgment, which is running into four pages, has in detailed discussion dealt with the confirmations given by those creditors and observed that there was no reason to doubt correctness of the claimed cash credit amounting to Rs. 24,86,866 taken from the above named creditors. &n....