S. 68 : Cash credits – Firm or AOP – ntry pertaining to first day of business – No scope for assuming that income was generated – No addition can be made- Provided PAN/GIR and income tax return of members sufficient to establish the creditworthiness and also discharge the onus .
CIT v. Lal Mohar (2017) 252 Taxman 401/ (2018) 409 ITR 95(All.)(HC)/CIT v. Rajendra Kumar ( (2017) 252 Taxman 401// (2018) 409 ITR 95 (All. )(HC) Editorial: SLP of revenue is dismissed , CIT v. Lal Mohar ( 2018) 409 ITR 2( St)