Addition u/s 68 - none of the lenders is alleged to be an entry ...

Section 68 Addition Deleted: Loans Made from Available Balances, No Cash Purchase of Cheques Found.

February 26, 2020

Case Laws Income Tax AT

Addition u/s 68 - none of the lenders is alleged to be an entry provider. A perusal of their bank statements reveals that they have given loan to the assessee out of their available balances and it is not the case of the Revenue that prior to issuing cheques, there is a deposit of cash in the lender’s bank account. Therefore, it can be safely concluded that the assessee has not purchased cheque by paying cash. - CIT(A) rightly deleted the additions - AT

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Addition u/s 68 - none of the lenders is alleged to be an entry ...

Section 68 Addition Deleted: Loans Made from Available Balances, No Cash Purchase of Cheques Found.

February 26, 2020

Case Laws Income Tax AT

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