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2012 (1) TMI 65 - HC - Income TaxUnexplained cash credit – deposit received – Revenue contending it to be adjustment entry & lender party to be non existing firm – Held that:- Tribunal has observed that lender company was having sufficient cash in hand, deposited the same in bank account and issued cheque in favor of assessee. lender company is an income tax assessee. Books of accounts together with Financial statements were produced. All these were taken sufficient by the Tribunal to prove the identity and source of the creditor. No infirmity is found in the order – Decided against the Revenue.
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