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2014 (4) TMI 485 - HC - Income TaxAmount to be treated as cash credits u/s 68 of the Act or not – Held that:- The Tribunal has found that entries on the basis of cash books were written and maintained systematically - they were in the books of accounts of the assessee in respect of his unaccounted business - it cannot be said that the books indicated any amount in the nature of cash credit in the hands of the assessee as defined by Section 68 of the Act - the Tribunal found that the assessee acted as a conduit - He had no obligation to the investor, inasmuch as the investor came to him only to seek a proposed borrower or an introduction to him - The Tribunal rightly came to the conclusion that the provision of Section 68 could not have been invoked - findings of fact do not raise any substantial question of law – Decided against Revenue.
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