On the basis of information\u00a0 from Investigation Wing that lenders from whom assessee acquired loans were indulged in bogus accommodation entries\u00a0 the Assessing Officer made addition\u00a0 as cash credits in respect of loan from various parties. On appeal the CIT(A) held that\u00a0 the Revenue had recorded statement of director of a lender who confirmed transaction of loan and even assessee produced affidavits and notices issued by revenue under sections 131 and 133(6) which were duly complied with by its creditors. CIT(A) also held that\u00a0 there was no link found in documents and financial statements of companies concerned and\u00a0 the assessee was not granted an opportunity to cross-examine person whose statements were recorded during investigation. Accordingly the addition was deleted. Order of CIT(A) was affirmed by the Tribunal. On appeal by Revenue High Court affirmed the order of Tribunal.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Loans-Information from Investigation wing-Bogus accommodation entries-Statement was recorded and affidavits filed-Opportunity of cross examination was not granted-Merely on the basis of information from Investigation wing addition is not justified-Order of Tribunal affirmed. [S. 131, 133(6), 153A, 260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-32609","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8tX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32609"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32609\/revisions"}],"predecessor-version":[{"id":32610,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32609\/revisions\/32610"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=32609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=32609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}