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2008 (7) TMI 291 - HC - Income Tax
Cash credits in account of person from whom assessee made purchases – even if the assessee did incur expenditure, the equivalent debit in the P/L Account would neutralize each other and no addition could be made – proviso to S. 69C inserted w.e.f. 1.4.99 not applicable for A.Y. 1987-88 - therefore, amount covered by cash credits would be an allowable deduction u/s 37 and it cannot be treated as income of the assessee