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2016 (10) TMI 366 - GUJARAT HIGH COURT

2016 (10) TMI 366 - GUJARAT HIGH COURT - TMI - Addition made on account of unexplained cash credit /s 68 - failure to prove creditworthiness of the creditor - Held that:- The question pertains to an amount of ₹ 6.85 lacs, which the assessee claim, to have received by way of loan from one M/s.Pepilon Exports. After one round of remand, the assessee produced necessary documents such as the bank statement of Sarvoday cooperative bank of M/s.Pepilon Exports as well as that of the assessee. It .....

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iry with the said Bank could not be made. - Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which, there was ample other evidence produced by the assessee. - Decided in favour of assessee. - TAX APPEAL No. 586 of 2016 - Dated:- 1-8-2016 - AKIL KURESHI AND A.J. SHASTRI, JJ. MRS MAUNA M BHATT, ADVOCATE FOR THE APPELLANT ORDER ( PER : HONOURABLE MR.JUSTICE AKIL KURESHI ) 1. Revenue is in appeal against the judgment of the In .....

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