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2014 (5) TMI 846 - ITAT MUMBAIAddition made u/s 68 of the Act - Unexplained cash credits - Application of section 41(1) of the Act – Held that:- In the first round of litigation the CIT(A) observed that provisions of section 41(1) cannot be applied - the addition can be made u/s 68 of the Act as unexplained cash credit - the view taken by the CIT(A) have not been challenged by the Revenue, they attained finality - the case deserves to be considered only in the backdrop of section 68 of the Act - the plea of the assessee that no fresh cash credit was taken in the previous year relevant to A.Y. 2002-03 was not disputed by the tax authorities - Whether the creditor is Hatima Textiles Ltd. or D’souzas, the fact remains that there is no fresh cash credit in the year under consideration – thus, addition cannot be made u/s 68 of the Act – Decided in favour of Assessee.
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