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2006 (7) TMI 133 - HC - Income TaxAdditions – cash credits – genuineness of creditors - so far as the identity of the creditors is concerned there is no dispute at the Bar that all these creditors were income-tax assessees before the same assessing authority. – moreover, we find that there were as many as twelve creditors and the allegation as regards opening of the bank account within a particular period is in respect of five creditors only. - we hold that there was no evidence or materials before the Tribunal to come to the finding that the above cash credits were not genuine transactions and as such the impugned order providing for adding of the said amount as income of the assessee is bad in law.
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