Addition of unexplained cash credit u/s 68 - Due to existing ...

Unexplained Cash Credit Addition u/s 68 Deleted Due to Creditor Verification Issues; PAN Provided by Assessee.

April 26, 2021

Case Laws Income Tax AT

Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the financial statements and income tax returns from the loan creditors to prove their creditworthiness. But there is no dispute that the assessee had indeed furnished the PAN of all the loan creditors. - AO / ld CITA could have cross verified from the PAN of the creditors with the assessing officers of the creditors and ascertain the creditworthiness. - Additions deleted - AT

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Addition of unexplained cash credit u/s 68 - Due to existing ...

Unexplained Cash Credit Addition u/s 68 Deleted Due to Creditor Verification Issues; PAN Provided by Assessee.

April 26, 2021

Case Laws Income Tax AT

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