Held that the assesseee has filed confirmation letter, PAN, financial statements, copy of income tax return, Interest paid. Merely on the basis of statement of former director wherein he has given general statement and not specified the name of the assessee. The loan from Magapode Vyaaper (P) Ltd cannot be assessed as cash credits. Addition is deleted. (AY. 2014-15)
DCIT v. Jain Carrying Corporation (2024) 230 TTJ 589 / 38 NYPTTJ 546 (Jodhpur)(Trib)
S. 68 : Cash credits-Accommodation entries-Entry operator-Dummy companies Statement of former director-Not specifying the name of the assessee-Filed confirmation letter, PAN, financial statements, copy of income tax return-Interest paid-Loan is treated as genuine-Addition is deleted. [S.131, 133(6)]