Case Law Details
Case Name : Shri Suresh Chandra (Indl.) Vs DCIT (ITAT Lucknow)
Related Assessment Year :
Courts :
All ITAT ITAT Lucknow
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Brief Facts: The dispute is regarding addition made by the Assessing Officer of Rs.59,65,729/- u/s 68 in respect of various cash credits received by the assessee and in the Revenue’s appeal for the same assessee, the dispute is regarding deletion of addition made by Assessing Officer of Rs.27.91 lac u/s 68 of the Act.
Question of Law
Whether the Assessee was able to prove the creditworthiness of the depositors by declaring proper source and giving satisfactory explanation according to section 68?
Contention of the Assessee
According to the learned AR of the Assessee, they have established th...
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Good finding: The Hon’ble Tribunal held that failure of creditor to show creditworthiness of his sub-creditor does not amount to failure of the assessee to establish the creditor. Further the cash deposit in the bank account of the creditor could not be the only basis to say that creditors are not having credit worthiness without making any further inquiry.