If asseee repaid the short term loan received by him the said amount could not be treated as income of assessee

CIT Vs. Saranapal Singh (HUF) (Punjab & Haryana Court)- In the instant case, it was held that where the assessee had received a certain amount as short term loan and was duly repaid the said amount could not be treated as income of assessee under section 56(2)(v) of the Act. HIGH COURT OF PUNJAB & HARYANA COMMISSIONER OF INCOME TAX vs. SARANAPAL SINGH (HUF) IT Appeal No. 294 of 2010 – Asst. Year 2006- 07 Date of Decision- 6th October, 2010 JUDGMENT ADARSH KUMAR GOEL, J. : This appeal has been preferred under s. 260A of IT Act, 1961 (hereinafter referred to as &#...