Cash credit addition not sustained as re-payment of loans in subsequent year accepted

Bhrugesh Dienshbhai Shah Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition on account of cash credit in the current year cannot be sustained where department had accepted the re-payment of loans in subsequent year. Accordingly, addition confirmed by CIT(A) deleted and appeal allowed. Facts- The assessee is an individual and proprietor of Ruchit Enterprise engaged in chemical trading business. The return of the assessee was selected for scrutiny assessment and various additions were made by AO. CIT(A) partly allowed the appeal of the assessee. Being aggrieved, both assessee and revenue ...