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Section 68 Cannot be invoked merely on the basis of Presumptions
Case Law Details
- Case Name
- Mukesh V. Prajapati Vs I.T.O. Ahmedabad (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2002-03
- Courts
- All ITAT, ITAT Ahmedabad
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Brief of the case
It has been held in case of Mukesh V. Prajapati Vs ITO (Ahmedabad ITAT), that the amount of cash credits shown as loan taken from various relatives , cannot be added as unexplained credit under sec 68 just on the presumption that the sources of the fund is not genuine when there is no material on record apart from these presumptions so as to doubt source/genuineness/creditworthiness of the assessee’s claim.
Facts of the Case
The assesse is partner in a firm M/s. Jay Ambe Agro Industries. The Assessing Officer noticed him to have introduced additional capital worth R...
