The Commissioner Of Income Tax (1) Jabalpur v. M/S. Maharshi Printers (P) Ltd.5-Zone-2

ITA-225-2012 (THE COMMISSIONER OF INCOME TAX (1) JABALPURVs M/S MAHARSHI PRINTERS P.LTD.5-ZONE-2) 08-10-2015 HIGH COURT OF MADHYA PRADESH AT JABALPURITA.No.225/2012 The Commissioner of Income Tax (1) Jabalpur Vs. M/s. Maharshi Printers (P) Ltd.5-Zone-2 Present: Hon'ble Shri Justice Rajendra Menon Hon'ble Shri Justice C.V. Sirpurkar Shri Sanjay Lal, learned counsel for the appellant.Shri S.S. Bisen, learned counsel for the respondent. _____________________________________________________ Judgment(08/10/2015) .Per Rajendra Menon, J In this appeal filed by the revenue under Section 260-Aof the Income Tax Act challenge is made to deletion ofRs.5 lacs said to have been received by the assessee fromthe creditor Shri Kishori Lal Asera and the further in sumof Rs.45 lacs from Shri Sanjeev Maheshwari. It has beenheld by the Assessing Officer that the credit worthinessof these two creditors are not established and thereforethe amount has been added to the income of theassessee. However, when the matter traveled to theCommissioner appeals, the Commissioner appeal foundthat the assessee was not granted the adequateopportunity by the Assessing Officer to prove the creditworthiness of these creditors and further on goingthrough the Bank statement, the Income Tax return and other documents filed by the creditors. It was found thatthe transaction has been made through Bankingchannels. All the amount has been accounted for by thecreditors in their Income Tax return and finding thecredit worthiness of the creditors to be established, theadditions have been deleted by the commissioner. Thematter was re-examined by the Appellate Tribunal andthe Tribunal has also found that both the creditors aresubjected to payment of Income Tax, they have PanNumbers to their credit, they have filed the returns inthe respective Income Tax zones of the department andfinding that the transactions are recorded in thestatements through Banking channels. The Findingsrecorded by the Commissioner Income Tax Appeal isupheld by the Tribunal. The concurrent findingsrecorded by the Commissioner appeals and the Tribunalin the matter of upholding the credit worthiness of ShriKishori Lal Asera and Shri Sanjeev Maheshwari is thefinding of fact based on due appreciation of the materialavailable on record and we find no substantial questionof law warranting for the due consideration, the appeal istherefore dismissed. (RAJENDRA MENON)JUDGE (C V SIRPURKAR)JUDGE