Cash Deposit Before Loan Cannot Trigger Section 68 in Borrower’s Case

Durga Pulses Vs ITO (ITAT Raipur) Cash Deposited Before Loan in Creditor’s Account? Still No 68 Addition in Borrower’s Hands-  If Creditor’s Source Is Doubtful, Addition Lies u/s 69A in Creditor’s Case—Not 68 in Borrower’s Case Tribunal examined addition of ₹10,00,000 made by AO u/s 68 on the ground that creditor Smt. Kamlabai Bhushnia had deposited equivalent cash in her bank account just before giving loan to Assessee. AO held creditworthiness & genuineness unproved as creditor failed to furnish balance sheet, capital account & explanation for the cash deposit.  CIT(A...