Allowing the appeal pf the assessee the Court held that the assessee has established the lender’s identity and capacity . Accordingly addition cannot be made as cash credits.(AY.2005 -06 to 2008—09).
Pendurthi Chandrasekhar v. DCIT ( 2018) 407 ITR 179/ (2019) 175 DTR 73 / 307 CTR 249(T&AP) (HC)
S.68: Cash credits —Evidence of loan and creditworthiness of lenders were furnished –Amount not assessable as cash credits.