Dismissing the appeal of the revenue the Tribunal held that; Loan was received by account payee cheque .Repaid by account payee cheque. The assessee has established genuineness of the transaction and creditworthiness of the lenders. Deletion of addition is held to be justified. (AY. 2008-09)
ACIT v. Shree Ganesh Developers (2018) 68 ITR 47 (SN)(Mum.)(Trib.)
S. 68 : Cash credits–Loan -Received by account payee cheque-Repaid by account payee cheque–Established genuineness of the transaction and creditworthiness of the lenders-Additions cannot be made.