Addition towards cash credit untenable as loan received back in subsequent year: ITAT Surat

Yashika Jewels Private Limited Vs ITO (ITAT Surat) ITAT Surat held that addition on account of cash credit in current year untenable since loan is received back in subsequent year and the same is accepted by the department. Accordingly, addition deleted. Facts- During the search action, it was discovered that Rajesh Lifespace Group has taken on-money on sale of flats. On money received in cash was brought back to their book in the form of loan or advances from various concerned. On the basis of such information, the Assessing Officer recorded reasons for escapement of income of Rs. 15.00 lacs ...