2012 (11) TMI 1261

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.... JUDGMENT 1. 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 6th February, 2009 passed by the Income-tax Appellate Tribunal, Agra deleting the addition of Rs. 16,91,600/- made by the Assessing Officer on account of bogus credit entries of loans appearing in the books of account of the assessee in....

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.... the A.O. By invoking the provisions of Section 69-C of the Act on account of interest claimed on unexplained cash credits?" 2. Briefly stated the facts giving rise to the present appeal are as follows:- The appeal relates to the assessment year 2000-2001. "The respondent- assessee is a proprietary firm which carries on business in the name and style of M/s Rahul Vineet Traders. The....

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.... Agra, who by order dated 20-03-2006 found that the lenders were regular income tax assessee and their PANs are on record. The amount had been advanced through Account Payee Cheques. Before issuing the cheques, they had got the balance in their accounts and the amount has also been repaid through Account Payee Cheques, thus the identity, credit, worthiness etc. of the lenders have been disclosed. ....

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....Ganga Ram Agarwal & Companies and in the search operation carried thereon it has been established that the group is engaged in providing bogus/ accommodation entries, the transactions cannot be said to be genuine merely because the lenders are tax-payers and regular assessee and the amount has been advanced through account payee cheques and repaid also through the account payee cheques. The cash c....