Itta/505/2014 Of The Commissioner Of Income Tax (Central) v. A Radhika Reddy

THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE M.S. RAMACHANDRA RAO I.T.T.A. No. 505 of 2014 DATED:31.07.2014 Between:The Commissioner of Income Tax (Central),Hyderabad. … Appellant And Smt. A.Radhika Reddy,Hyderabad. ….Respondent THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA ANDTHE HON’BLE SRI JUSTICE M.S. RAMACHANDRA RAO I.T.T.A. No. 505 of 2014 Judgment:(per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) This appeal is sought to be preferred and admitted on the following suggested questions of law: 1.Whether on the fact and in the circumstances of the case,Income Tax Appellate Tribunal was justified in deleting theaddition made by the AO when the fact on record shows thatthe AO established lack of creditworthiness on the part of thecreditor ?Income Tax Appellate Tribunal was justified in deleting theaddition made by the AO when the fact on record shows thatthe AO established lack of creditworthiness on the part of thecreditor ? 2.Whether the Income Tax Appellate Tribunal was justified inholding that the creditors had enough sources for the amountcredited when the fact is that there was a huge gap betweenthe date of withdrawal of cash and the subsequent deposit intothe bank account ?holding that the creditors had enough sources for the amountcredited when the fact is that there was a huge gap betweenthe date of withdrawal of cash and the subsequent deposit intothe bank account ? We have heard Mr. J.V. Prasad, learned counsel for the appellantand have gone through the impugned judgment and order of the learnedTribunal. It has been found on fact that the creditworthiness of the creditorswas acceptable. So, such fact has been accepted on appreciation ofevidence by the learned Tribunal. Hence, this Court cannot decide thesaid issue. We, therefore, dismiss the appeal. ___________________ K.J. SENGUPTA, CJ _________________________ M.S. RAMACHANDRA 31[st] July, 2014Pnb RAO, J