Assessee had reflected certain liabilities owed to three banks in its books of account. However, aforesaid liabilities as reflected by assessee in its books, were not supported by any statement furnished by concerned banks.The  Assessing Officer concluded that the assessee had reflected bogus credits in its accounts and made an addition to declared income of assessee. Tribunal held that the assessee had failed to establish liability reflected as payable to banks and upheld additions made by Assessing Officer. Assessee claimed that outstanding liability had arisen on account of cheques issued to various suppliers for purchase of materials that were not presented to concerned banks. However, due to downturn in real estate market, assessee returned materials purchased and recovered cheques issued to various suppliers. There was no material on record to show that assessee had received goods from suppliers, which were subsequently returned. High Court held that since order did not reflect that any documentary evidence was produced by the assessee to establish transactions as claimed, decision of the Tribunal did not suffer from any perversity or patent illegality. SLP of assessee dismissed. (AY. 2007-08)