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HC deletes addition on creditors as three ingredients of cash credit been established
Case Law Details
- Case Name
- Commissioner Of Income Tax Vs Shri Kulbir Singh (Allahabad High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-04
- Courts
- All High Courts, Allahabad High Court
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After hearing both the parties, it appears that the A.O. has passed the assessment order under Section 143(3) of the Act, after examining the entire material. The issue relating to the cash credit was also examined by the Tribunal, who observed that the assessee had filed the confirmation list from the creditors, all the creditors are assessed to tax. The money was paid through account payee cheque.
In view of the above, the identity of the creditor is established when the confirmation has been filed in each case. The payment was made through account payee cheque, so the transaction is genuine...
