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2013 (9) TMI 891 - HC - Income TaxAddition u/s 68 as unexplained cash credit – Held that:- The Tribunal has not discussed and found whether repayments were made in cash or otherwise, or whether the entire amount were repaid. The test laid down by Supreme Court in CIT Vs. P. Mohanakala [2007 (5) TMI 192 - SUPREME Court] does not appear to be satisfied. The assessee has not discharged the burden placed on him and did not prove the genuineness of transactions found to be circular transactions by the assessee – Matter remanded to Commissioner(A) to decide afresh in the light of above observation – Decided in favor of Revenue.
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