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 31^st 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

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