HC denies relief from Compulsory 20% deposit in Bogus Cash Credit case

Jindal ITF Ltd. Vs Union of India (Delhi High Court)

It is seen that the entities M/s Glebe Trading Pvt. Ltd. and M/s. Danta Enterprises Pvt. Ltd. have been used as conduits in availing unsecured loans covered u/s 68 of the Act. The identity and creditworthiness of the above companies and genuineness of the transaction of unsecured loans received from them is not established. Based on initial submissions of the assessee on the issue, independent field enquiries were caused to be carried out and the findings were confronted to the assessee. The assessee

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