Till March 2013 section 68 not require explanation of source of credit: ITAT Mumbai

Pooja Equiresearch Pvt. Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that as per previous provisions of section 68 of the Income Tax Act applicable till 31st March 2013, the assessee was not required to explain the source of money provided by the creditors. Accordingly, addition based on non-establishing source of source set aside. Facts- Post reopening of assessment under section 147 of the Income Tax Act, based on the doubt of creditworthiness of the creditors, AO made addition of Rs.1,26,00,000/-as unexplained cash credit under section 68 of the Income Tax Act. Commissioner vide the impugned ...