TaxTMI 
TaxTMI 
2002 (8) TMI 39
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.... Whether the learned Income-tax Appellate Tribunal was justified in deleting additions by holding that the assessee had discharged its onus by producing the creditors? Whether it can be said that the mere production of creditors is sufficient to discharge the onus of the assessee and the creditworthiness/paying capacity is of no relevancy at all? Whether the learned Income-tax Appellate Tribunal was justified in deleting the additions without rejecting the findings of the Assessing Officer with regard to the creditworthiness and genuineness of the transactions? Whether the learned Income-tax Appellate Tribunal was justified in not applying the ratio in the case of Shankar Industries v. CIT [1978] 114 ITR 689 (C....
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....arma 15-6-1994 5,000 15-11-1994 14,000 6-1-1995 2,000 21,000 4. Shri Tarun Arora 5-7-1994 10,000 10,000 5. Shri S.P. Rajoria 5-7-1994 8,000 5-11-1994 10,000 18,000 6. Shri Virendra Singh 15-11-1994 1,000 9-1-1995 7,000 8,000 7. Sh. Harish Chaturvedi 15-11-1994 10,000 10,000 P. Y. 1995-96 1. Shri S.P. Rajoria 8-4-1995 11,500 11,500 2. Smt. Savitri Devi 10-9-1995 11,500 11,500 5. The summons were issued to these cash creditors. They, except Savitri Devi, appe....
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....o why the cash credits should not be treated as genuine. 9. In appeal before the Tribunal, after considering the contents of the statements of the cash creditors, the Tribunal has concluded the issue in para. 10 of its order, which reads as under: "We have heard the rival parties and have perused the material placed on record. We are of the opinion that in regard to the cash creditors, the assessee has discharged his primary onus by producing the creditors, another person who were duly examined by the Assessing Officer on oath. These creditors have accepted the fact of advancing loans. Besides, these loans are duly reflected in the books of account maintained by the assessee in the regular course of business activities. We, ther....
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....culture. He is in a joint family. He confirmed the loan of Rs. 8,000 advanced to the assessee. 12. Smt. Savitri Devi advanced a loan of Rs. 11,500. Neither has she been produced nor has she filed the confirmation. The facts are not in dispute that except Smt. Savitri Devi all the cash creditors appeared and confirmed the advancement of loan to the assessee. They have even disclosed their source of income. The identities of the creditors are not in dispute. 13. With regard to the creditworthiness of such petty amounts, in our view, it cannot be said that the creditors are not capable to advance this petty amount, which has been shown against their names. Therefore, the identity of the creditworthiness of the creditors and their confirm....