Cash Advance Adjusted Through Tripartite Deal Not Unexplained Cash Credit U/s 68

JR Modi Associates Ltd. Vs DCIT (ITAT Delhi)

The Assessing Officer treated ₹45 lakh received by the assessee as unexplained cash credit under section 68, alleging lack of genuineness and creditworthiness because the amount was received in cash as advance against sale of property and the original property deal was later cancelled. The CIT(A) upheld the addition, doubting the transaction since neither the original nor the subsequent property transfer ultimately materialised and 90% of th

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