The Commissioner of Income Tax (1) Jabalpur v. M/s. Maharshi Printers (P) Ltd - 2015-LL-1008-7

Citation	2015-LL-1008-7
Appellant Name	The Commissioner of Income Tax (1) Jabalpur
Respondent Name	M/s. Maharshi Printers (P) Ltd.
Court	HIGH COURT OF MADHYA PRADESH
Relevant Act	Income-tax
Date of Order	08/10/2015
Judgment	View Judgment
Keyword Tags	substantial question of law • credit worthiness
Bot Summary:	Judgment Per Rajendra Menon, J. In this appeal filed by the revenue under Section 260-A of the Income Tax Act challenge is made to deletion of Rs.5 lacs said to have been received by the assessee from the creditor Shri Kishori Lal Asera and the further in sum of Rs.45 lacs from Shri Sanjeev Maheshwari. It has been held by the Assessing Officer that the credit worthiness of these two creditors are not established and therefore the amount has been added to the income of the assessee. When the matter traveled to the Commissioner appeals, the Commissioner appeal found that the assessee was not granted the adequate opportunity by the Assessing Officer to prove the credit worthiness of these creditors and further on going through the Bank statement, the Income Tax return and other documents filed by the creditors. All the amount has been accounted for by the creditors in their Income Tax return and finding the credit worthiness of the creditors to be established, the additions have been deleted by the commissioner. The matter was re-examined by the Appellate Tribunal and the Tribunal has also found that both the creditors are subjected to payment of Income Tax, they have Pan Numbers to their credit, they have filed the returns in the respective Income Tax zones of the department and finding that the transactions are recorded in the statements through Banking channels. The Findings recorded by the Commissioner Income Tax Appeal is upheld by the Tribunal. The concurrent findings recorded by the Commissioner appeals and the Tribunal in the matter of upholding the credit worthiness of Shri Kishori Lal Asera and Shri Sanjeev Maheshwari is the finding of fact based on due appreciation of the material available on record and we find no substantial question of law warranting for the due consideration, the appeal is therefore dismissed.

ITA-225-2012 (THE COMMISSIONER OF INCOME TAX (1) JABALPUR Vs M/S MAHARSHI PRINTERS P.LTD. 5-ZONE-2) 08-10-2015 HIGH COURT OF MADHYA PRADESH AT JABALPUR ITA.No.225/2012 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 appellant. Shri S.S. Bisen, learned counsel for respondent. _____________________________________________________ Judgment (08/10/2015) Per Rajendra Menon, J. In this appeal filed by revenue under Section 260-A of Income Tax Act challenge is made to deletion of Rs.5 lacs said to have been received by assessee from creditor Shri Kishori Lal Asera and further in sum of Rs.45 lacs from Shri Sanjeev Maheshwari. It has been held by Assessing Officer that credit worthiness of these two creditors are not established and therefore amount has been added to income of assessee. However, when matter traveled to Commissioner appeals, Commissioner appeal found that assessee was not granted adequate opportunity by Assessing Officer to prove credit worthiness of these creditors and further on going through Bank statement, Income Tax return and other documents filed by creditors. It was found that transaction has been made through Banking channels. All amount has been accounted for by creditors in their Income Tax return and finding credit worthiness of creditors to be established, additions have been deleted by commissioner. matter was re-examined by Appellate Tribunal and Tribunal has also found that both creditors are subjected to payment of Income Tax, they have Pan Numbers to their credit, they have filed returns in respective Income Tax zones of department and finding that transactions are recorded in statements through Banking channels. Findings recorded by Commissioner Income Tax Appeal is upheld by Tribunal. concurrent findings recorded by Commissioner appeals and Tribunal in matter of upholding credit worthiness of Shri Kishori Lal Asera and Shri Sanjeev Maheshwari is finding of fact based on due appreciation of material available on record and we find no substantial question of law warranting for due consideration, appeal is therefore dismissed. (RAJENDRA MENON) (C V SIRPURKAR) JUDGE JUDGE Commissioner of Income Tax (1) Jabalpur v. M/s. Maharshi Printers (P) Ltd

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