2008 (3) TMI 249

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.... The judgment of the court was delivered by SATISH KUMAR MITTAL, J. ( Oral ) - The instant appeal filed by the assessee under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') is directed against the order dated 19.1.2007 passed by the Income Tax Appellate Tribunal, Delhi Bench 'SMC' Delhi (hereinafter referred to as 'the ITAT') in ITA No. 4135 (Del) 2005 in case ....

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....oner of Income Tax (Appeals) [hereinafter referred to as 'the CIT (A)'], vide its order dated 22.8.2005, dismissed the appeal and confirmed the addition made by the Assessing Officer. 4. Aggrieved against the said order, the assessee filed appeal before the ITAT, which was allowed in part vide order dated 19.1.2007 and the addition of Rs. 35,000/- on account of unsecured loan of Smt. Sumita She....

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....s advanced by them. It is well settled that it is for the assessee to prove not only the identity of the creditor, but the capacity of the creditor to advance the money and also the genuineness of the transaction. In the instant case, the assessee has though established the identity of both the aforesaid creditors by producing their affidavits, but a finding of fact has been recorded to the effect....