Case Law Details
Brief of the Case
ITAT Delhi held in the case ITO vs. Rekha Bansal that it is clear that the CIT (A) granted relief to the assessee on the basis of information received from the respective banks of the creditors u/s 133(6) wherein the CIT (A) found that the creditors had sufficient bank balance in their accounts before issuing cheques to the assessee. CIT (A) has drawn a logical conclusion that parties granting unsecured loans had sufficient bank balance in their accounts before issuing cheques to the assessee which shows genuineness of the transaction as well as creditworthiness of the alleged creditors. Hence addition made u/s 68 could not be held as sustainable.
Facts of the Case
The Revenue has raised following grounds in this appeal –
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