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2010 (11) TMI 460 - HC - Income TaxAddition - Cash credit - Genuineness of the transaction - The assessee could not prove the creditworthiness of the creditors and genuineness of transaction because the creditor has deposited the money on the same day in cash when the money on the same day was advanced to the assessee firm. The creditor was not in a position to pinpoint the exact source of money which was deposited nor did any evidence or circumstantial filed before the tax authorities - it is a fit case where the AO has rightly rejected the genuineness of the transaction and added the cash credit - The Tribunal on appreciation of material on record had observed that the cash credit was not proved to be genuine and was, therefore, liable to be added u/S 68 of the Act and reversing the order of CIT(A).
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