2013 (4) TMI 913

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....-tax Appellate Tribunal dated 31-08-2012 raising following question for our consideration: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the addition u/s. 68 made on account of unexplained cash credit of Rs. 44,45,000/- by holding that by furnishing required documents, assessee has discharged the initial burden cast upon him u/s. 68....

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....as the purchaser intended to use the property for commercial purposes. Accordingly the deal was cancelled and the money returned. The assessee had furnished the copy of the sales agreement, copy of the cancellation agreement, copy of PAN number of the intending purchaser, copy of the acknowledgement of return of income of the intending purchaser. In case of deposit from Riddhi Siddhi Pvt. Ltd., th....

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....f those lenders whether in their respective returns they had shown existence of such amount of money and had further shown those amount of money had been lent to the assessee. If before verifying such facts from the A.O. of the lenders of the assessee, the A.O. decides to examine the lenders and asks the assessee to further have the genuineness and creditworthiness of the transaction, the A.O. doe....