Case Law Details
DCIT Vs Jayesh R. Thakkar (ITAT Ahmedabad)
ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act rightly deleted by CIT(A) as documentary evidences proving identity, creditworthiness of the parties and genuineness of the transaction were not proved to be defective by revenue.
Facts- The assessee is an individual and engaged in 3 separate business activities namely Share Trading business, Construction business, and Transportation business under different names and styles. The assessee in the business of share trading has shown the receipt of interest-free unsecured loans from different entities.
AO disagreed with the contention of the assessee and held that the assessee failed to explain the source of the sum credited in his books and accordingly treated the entire sum of Rs. 7,80,19,000/- as unexplained cash credit under section 68 of the Act.
CIT(A) deleted the addition made by AO in part for Rs. 6,73,19,000/-. Being aggrieved, revenue has preferred the present appeal.
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