2013 (3) TMI 702

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....eal against the judgment of the Income Tax Appellate Tribunal, Dated : 05.10.2012, raising following questions for our consideration:- "I. Whether in facts and circumstances of the case the Income-Tax Appellant Tribunal has erred in law in allowing the action of Assessing Officer of making an addition of Rs. 24,90,000/-u/s. 68 of the Act on the grounds the unsecured loan were unexplained ....

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....he CIT(Appeals), confirmed the order of the Assessing Officer and has made following observations:- "7. We have heard both the parties and carefully considered their submissions including the materials available on record. The findings recorded by the AO in the assessment order have not been controverted either by the CIT(A) in his appellate order or by the assessee before us. It is absol....

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....s with a view to show that the transactions have been routed through banking channels and thereby create cloak about the genuineness to the impugned transactions. If the creditors had requisite cash available with them, there was no reason as to why they would hold them back in cash and deposit the same just before issuing cheques in favour of the assessee. The whole story manufactured by the asse....

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....not by itself establish the availability of cash in their hands or their creditworthiness to advance any sum of money. The ld. CIT(A) further observes that the source of source need not be proved by the assessee. We are unable to accept the aforesaid reasoning also. The question here is not to prove the source of source but of satisfactorily establishing the nature and source of cash credits found....