Sec.68- No addition where creditability of creditors established

Brief of the Case ITAT Ahmedabad held In the case of Mahalaxmi Housing & Finstock Pvt. Ltd. vs. ACIT that the assessee has filed PANs, addresses, etc. for demonstrating that the depositors were assessed to tax. Hon’ble Jurisdictional High Court in the case of CIT vs. Dharamdev Finance (P.) Ltd. reported at (2014) 51 taxmann.com 205 (Guj.): (2014) 227 Taxman 219 held that no addition on account of cash credits be made, where assessee had given PAN of creditors, their confirmation and their bank statement which established their creditability. By following the same judgment, direction issu...