Affirming the order of the Tribunal High Court held that where Assessing Officer solely based on statements of Directors recorded during a search operation conducted under section 132 on assessee, made addition under section 68 without probing deeper into income-tax returns of creditor companies and without scrutinizing documents furnished by assessee to prove genuineness of such credits, addition was not justified. SLP of Revenue is dismissed.
PCIT (Central) v. Dwarka Prasad Aggarwal (2024) 299 Taxman 363 (SC) Editorial : PCIT v. Dwarka Prasad Aggarwal(2022) 140 taxmann.com 32 (Delhi)(HC)
S. 68 : Cash credits-Statement of Directors-High Court affirmed the order of the Tribunal deleting the addition-SLP of Revenue is dismissed.[S. 132, Art. 136]