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2012 (11) TMI 1257 - HC - Income TaxUnexplained Cash Credit u/s 68 - Assessee firm took loan from a company that was engaged in providing accommodation entries, thus AO added the aforesaid loan amount in question by invoking provisions of Section 68 of the Act. - HELD THAT:- Lenders were regular income tax assessee and their PANs are on record. The amount had been advanced through Account Payee Cheques. Before issuing the cheques, they had got the balance in their accounts and the amount has also been repaid through Account Payee Cheques, thus the identity, credit, worthiness etc. of the lenders have been disclosed, therefore addition deleted. Revenue Appeal dismissed.
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