Dismissing the appeal of the revenue the Court held that the Tribunal had examined the matter on the basis of the evidence available on record and arrived at the findings of fact that the cash credits in question were advances made by the creditor against purchase of materials from the assessees, who were engaged in the business of cashew nuts. Nothing prevented the assessing authority from examining the matter further and even summoning the creditor. (AY.2014-15)
CIT v. T. Ani Chandra Kala (Smt.) (2020) 429 ITR 179 (Mad.)(HC) CIT v. Pauldhas Regin (2020) 429 ITR 179 (Mad.)(HC)
S. 68 : Cash credits -Advances received in cash for supply of materials- Confirmation letter furnished along with PA No- Deletion of addition is held to be justified. [S. 131]