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2013 (12) TMI 1203 - ALLAHABAD HIGH COURTUnexplained cash credit - Held that:- Following Dhakeswari Cotton Mills Ltd. vs. C.I.T. [1954 (10) TMI 12 - SUPREME Court] - The assessment was set aside on the ground that it is based on bare suspicion, conjectures and surmises and further held in the first case that finding of fact would be vitiated if it is based partly on conjectures or on material which is partly inadmissible or irrelevant even though there may be some other relevant admissible material to support the finding. But the order must be read as a whole to see whether the findings are vitiated - The reasons assigned to disbelieve the transaction of loan are not proper. Sri Ram Kumar was maintaining a bank account and payment was made through cheque to the assessee. In the absence of any relation with the partners of the assessee firm, it was not possible for the firm to deposit money in the account of partner in the firm and then get it from him as loan - Decided in favour of assessee.
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