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2014 (5) TMI 508 - HC - Income TaxGenuineness of cash credits - 100% EOU into Manufacturing and export of shoes – Difference of opinion – Held that:- The issue relating to the cash credit was also examined by the Tribunal, who observed that the assessee had filed the confirmation list from the creditors, all the creditors are assessed to tax - The money was paid through account payee cheque - the identity of the creditor is established when the confirmation has been filed in each case - The payment was made through account payee cheque, so the transaction is genuine - The creditors were the income tax assessees and they have shown the amount in their accounts - creditworthiness has been proved - All the three ingredients of cash credit have been established – thus, there is no reason to interfere with the order passed by the Tribunal - no substantial question of law arises for consideration – Decided against Revenue.
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