Allowing the appeal of the assessee the Tribunal held that The CIT (A) had not doubted the genuineness of the transaction. The only reason for which the CIT(A ) upheld the addition made by the Assessing Officer was that the assessee had not proved the source of numerous deposits in the bank account of the firm. Tribunal also held that Creditor showing very low income not a determinative factor for determining creditworthiness of creditor . ( AY.2013-14)
Rohit Kumar Jindal (HUF ) v. ITO (2020) 81 ITR 469/ 208 TTJ 764 (Chd)(Trib)
S.68 : Cash credits – Income from undisclosed sources — Ex parte Assessment — Loan —Creditor showing very low income not a determinative factor for determining creditworthiness of creditor — Addition held to be not justified .[ S.144 ]|