Held that the assessee has filed income-Tax acknowledgments, audited accounts, long-term investments and bank statements, Permanent Account Numbers and Registered addresses of creditor Companies. Duty of Income-Tax authorities to conduct further enquiry and an opportunity to cross-examine deponents whose statements relied on to draw adverse inference against assessee. Addition was deleted. (AY.2015-16)
ACIT v. Overtop Marketing Pvt. Ltd. (2022) 93 ITR 132 (Kol.)(Trib.)
S. 68 : Cash credits-Unsecured loans-Proved identity creditworthiness and genuineness of transactions-Relying on statement of third parties without giving an opportunity of cross examinations, additions cannot be made. [S. 131]