Dismissing the appeal of the revenue the Court held that ,Outstanding credits payable to sub contractors where tax was deducted at source could not be added treating same as unexplained cash credit .If addition is up held it will lead to very ubnormal to a govt contractor . (AY. 2007-08)
PCIT v. Swastik Construction (2018) 254 Taxman 163 (Guj.)(HC)
S. 68 : Cash credits – Sub -contract- Outstanding credits payable to sub contractors where tax was deducted at source could not be added treating same as unexplained cash credit -If addition is up held it will lead to very ubnormal to a govt contractor .