Section 68 Cannot be invoked if Creditor’s Identity, Mode of Payment & Repayment proved

Brief of the Case

In the case of M/s. Jindal (India) Textiles Vs. ITO the Hon’ble ITAT held that once creditors’ identity, mode of payment and repayment, assessee’s books of accounts proved the impugned credit transactions, it is not appropriate to look through the circumstances and section 68 cannot be invoked.

Facts of the Case

The assessee-firm trades in textile items. The sole question in the presen

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