2014 (12) TMI 395

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....ons made towards unexplained credits under Section 68 of the Act after subjective satisfaction of the Assessing Officer contrary to the evidences available? 2. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in deleting the addition made under Section 68 especially when some of the creditors had denied to advance any loan made to the assessee and some were not credit worthy as the same was not proved satisfactorily? 3. Whether in the facts and circumstances of the case, the findings rendered by the Tribunal are perverse and illegal going by the test of human probabilities as applied by the Hon'ble Supreme Court in the decision rendered in Sumati dayal Vs. CIT 214 ITR 801?" 2. The asse....

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....ar (original) (ii)Agricultural cultivation income certificate for 2 lakhs per annum issued by the Village Administrative Officer, Kulasekarapuram (iii)Copy of chitta & patta issued by VAO of Kulasekarapuram (b) In the case of Smt. S.Lingam (i) Notarised affidavit of Mrs. Lingam (ii) Agricultural cultivation income certificate for Rs. 1,90,000 per annum issued by VAO, Radhapuram (iii) Copy of chitta & patta issued by VAO, Radhapuram (13 Nos.) (c)In the case of Mr.S.Murugesan: (i) Notarised affidavit of Mr.S.Murugesan (ii) copy of patta issued by Taluk Officer, Radhapuram (iii) Copy of chitta & patta issued by VAP, Radhapuram (iv) Copy of Post Office recurring deposit. (v) Copy of Special Bench account stat....

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....analysing the evidence produced by the assessee, the Commissioner of Income Tax (Appeals) held that all the three requirements of Section 68 of the Income Tax Act stand fulfilled and there is no reason to disbelieve the evidence filed to prove the credits in question. Aggrieved by the order of the Commissioner of Income Tax (Appeals), the Revenue has filed an appeal before the Income Tax Appellate Tribunal. 4. The Tribunal considering the rival submissions made came to the conclusion that the loans in this case were given to the assessee through cheques and all the creditors have confirmed by appearing before the Additional CIT (Investigation) stating that they had advanced loans mentioned against their names to the assessee-company. The....