Dismissing the appeal of the revenue the Court held that ; when the assessee had demonstrated genuineness of transaction as well as reliability and creditworthiness of donor , therefore merely on the ground that loan was not found to be reflected in balance sheet of donor addition cannot be made as cash credit. ( AY.2005 -06)
PCIT v. Bhanuprasad D. Trivedi (HUF)( 2017) 87 Taxmann.com 137 ( Guj) (HC) Editorial: SLP of revenue is dismissed ,PCIT v. Bhanuprasad D. Trivedi (HUF) (2018) 256 Taxman 66/ 256 Taxman 292 (SC)
S. 68 : Cash credits -Only on the ground that loan was not found to be reflected in balance sheet of donor addition cannot be made as cash credit. Assessee had demonstrated genuineness of transaction as well as reliability and creditworthiness of donor, said addition was unjustified.