2016 (6) TMI 1411

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.... 1. This appeal is directed against order dated 30.8.13 of Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, Jodhpur, whereby an appeal preferred by the Revenue against the order of Commissioner of Income Tax (Appeals) [CIT(A)], Udaipur, dated 30.11.12, deleting the addition of Rs. 1,81,46,869/- made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961 ( for short "the A....

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....ed loans were acquired during the previous year relevant to the assessment year 2006-07. In response to the notice, the assessee furnished copy of the account of the parties as appearing in the books of accounts giving the details of credit obtained from the creditors. After due consideration of the evidences gathered, the AO arrived at the finding that the cash credits appearing in books of asses....

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.... ITAT. Hence, this appeal. 3. Learned counsel for the appellant contended that ITAT has seriously erred in not discussing the various grounds of the appeal of the Revenue wherein the specific short comings disproving the credit worthiness of the creditors are highlighted. Learned counsel submitted that AO had arrived at a categorical finding that credits do not fulfil three parameters of Sectio....