Allowing the appeal the Tribunal held that the assessee has filed confirmation and bank statement, interest was paid after deduction of tax at source. Having common directors or sharing the same address may not be relevant criteria to decide the issue on cash credits. Relied CIT v. Bharat Engineering and Construction Co. (1972) 83 ITR 187 (SC). (AY.2010-11)
Society For Institute For Professional Studies v. JCIT (2021) 87 ITR 269 (Delhi)(Trib.)
S. 68 : Cash credits-Unsecured loan-Confirmation and bank statement was filed-Interest was paid after deduction of tax at source-Addition was held to be not valid. [S. 12AA]