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]

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.