Case Law Details
After hearing both the parties, it appears that the A.O. has passed the assessment order under Section 143(3) of the Act, after examining the entire material. The issue relating to the cash credit was also examined by the Tribunal, who observed that the assessee had filed the confirmation list from the creditors, all the creditors are assessed to tax. The money was paid through account payee cheque.
In view of the above, the identity of the creditor is established when the confirmation has been filed in each case. The payment was made through account payee cheque, so the transaction is genuine. The creditors were the income tax assessees and they have shown the said amount in their accounts. Thus, creditworthiness has been proved. All the three ingredients of cash credit have been established, when it is so, then we find no reason to interfere with the impugned order passed by the Tribunal. No substantial question of law is arising from the impugned order.
HIGH COURT OF JUDICATURE AT ALLAHABAD
Case :- INCOME TAX APPEAL No. 330 of 2009
(ASSESSMENT YEAR 2003-04)
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