2012 (11) TMI 853

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....r The present appeal has been filed under Section 260-A of the Income Tax Act,1961, hereinafter referred to as "the Act ", against the order dated 13.2.2009 passed by the Income Tax Appellate Tribunal, Agra. The Department has proposed the following substantial questions of law said to be arising out of the Tribunal's order.: "(1) Whether on the facts and in the circumstances of the case, th....

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....worthiness and genuineness of the transactions u/s 68 of the IT Act what is to prove is the source of the assessee and not source of the source ignoring the circumstantial evidences, surrounding circumstances?"   Briefly stated the facts giving rise to the present appeal are as follows.   The appeal is for the assessment years 2003-2004. The assessee company has constructed flats a....

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.... 2.4 I have considered the observations and reasons mentioned by A.O., submissions made by appellant and documents filed by appellant and assessment records. As regards genuineness and existence of these companies is concerned, the appellant had furnished income tax records including PAN , copies of account, audit report of these companies. These companies are registered with Registrar of Companie....

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....hambhu Chopra, learned Senior Standing Counsel and   Sri Swapnil Kumar, learned counsel for the Assessee.   Sri Chopra submitted that the CIT was not justified in deleting the additions made under Section 68 of the Act, as the depositors credit worthiness is not proved. The submission is wholly misconceived. The Commissioner of Income Tax (Appeals) has found that the companies are ....