Itxa/119/2010 Of The Commissioner Of Income Tax - 5 Mumbai v. West Coast Roller Mills Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.119 OF 2010 Commissioner of Income Tax-5 ..Appellant. V/s. M/s. West Coast Roller Mills Ltd. ..Respondent. Ms. Padma Divakar for appellant. Mr. Pankaj Toprani for respondent. CORAM : J.P. DEVADHAR AND MRS. R.P.SONDURBALDOTA JJ. DATED : 6TH JUNE, 2011 P.C. :- 1.Whether, the Tribunal was justified in law in affirming the order of the CIT(A) in deleting the addition of Rs.8,58,500/- and interest thereon, on account of cash credit received from ten persons, is the question raised in this appeal. 2.Perusal of the order passed by the CIT(A) as also the order passed by the ITAT shows that before the CIT(A), the assessee had submitted loan confirmation from ten creditors wherein the correct addresses of the creditors as also the bank cheque number and old Pan 2 itxa119-10 number were given to show that the loans were genuine. The CIT(A) has recorded a finding of fact that the loans were received more than 18 years back and in view of the long gap, the assessee's inability in furnishing the current PAN Nos. can be appreciated. Moreover, CIT(A) has recorded a finding of fact that if the assessing officer doubted the genuineness of the confirmations, he should have made necessary inquiries from the creditors as their addresses were available on record. In the absence of any such inquiry undertaken by the assessing officer, the decision of the CIT(A) as well as ITAT in holding that the assessee has discharged the burden of establishing that the loans were genuine cannot be faulted. In the result, we see no merit in the appeal and accordingly the appeal is dismissed with no order as to costs. (MRS. R.P.SONDURBALDOTA, J.) (J.P. DEVADHAR, J.)