Section 263 Revision: Cheque Payments and Company Registration Insufficient to Prove Genuine Transactions; Additions and Penalties Upheld.

Revision u/s 263 - Unexplained cash credits - Mere fact that the payment was received by cheque or that the applicants were companies, borne on the file of Registrar of Companies were held to be neutral facts and did not prove that the transaction was genuine - additions with penalty confirmed. .....

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