1984 (7) TMI 230 - AT - Income Tax

Summary

The ITAT Madras-D dismissed the Revenue's appeal against the deletion of cash credits and interest on cash credits as income of the assessee by the CIT(A). The CIT found the credits to be genuine as the creditors were non-residents with assessed income in India. The Revenue failed to provide evidence contradicting the CIT's findings. The appeal and cross objection were both dismissed.