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2013 (10) TMI 1185 - HC - Income TaxUnexplained cash credit u/s 68 of the Income Tax Act - creditworthiness of the creditors and genuineness of the transaction - ITAT Deleted the addition - Held that:- Transaction through bank is not sufficient as per the ratio laid down in the case of CIT Vs. Precision Finance Pvt. Ltd, [1993 (6) TMI 17 - CALCUTTA High Court]. Merely because the money is transferred through the bank account does not prove that the money is explained. The appellate authorities have not examined the creditworthiness of the persons or genuineness of the transactions - Restored the matter back to the Tribunal to examine the matter afresh in the light of above discussions.
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