Amount advanced in earlier year and received back in current year cannot be treated as unexplained cash credit

JCIT Vs Radhe Developers (India) Ltd. (ITAT Ahmedabad) In the case on hand, the assessee has received a sum of Rs. 3.59 crore from Shri Kanjibhai Desai which was treated as unexplained cash credit under section 68 of the Act by the AO. However, the learned CIT (A) was pleased to delete the addition made by the AO by observing that the assessee has complied with the conditions as specified under section 68 of the Act. First of all, we find that the assessee has shown an advance in the immediate preceding assessment year as on 31 March 2010 in the name of Shri Kanjibhai Desai amounting to Rs. 23...