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Sec.68- No addition where creditability of creditors established
Case Law Details
- Case Name
- Mahalaxmi Housing & Finstock Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07 & 2007-08
- Courts
- All ITAT, ITAT Ahmedabad
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Brief of the Case
ITAT Ahmedabad held In the case of Mahalaxmi Housing & Finstock Pvt. Ltd. vs. ACIT that the assessee has filed PANs, addresses, etc. for demonstrating that the depositors were assessed to tax. Hon’ble Jurisdictional High Court in the case of CIT vs. Dharamdev Finance (P.) Ltd. reported at (2014) 51 taxmann.com 205 (Guj.): (2014) 227 Taxman 219 held that no addition on account of cash credits be made, where assessee had given PAN of creditors, their confirmation and their bank statement which established their creditability. By following the same judgmen...
