The Assessing Officer based on search and seizure action conducted on one Praveen Kumar Jain\u00a0\u00a0 who had stated that he had provided accommodation entries to a few beneficiaries, one of which was the assessee, treated the unsecured loans taken by the assessee from two companies as fake and added the same as unexplained cash credit under section 68.CIT(A) deleted the addition. Tribunal affirmed the order of the CIT(A). High Court affirmed the order of Tribunal. No substantial question of law.\u00a0 (AY. 2007-08,\u00a0 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Unsecured loans-Statement in the course of search-Praveen Kumar Jain-Accommodation entries-Confirmation is filed-Loan received and repaid by account payee cheque-Order of Tribunal deleting the addition is affirmed.[S. 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-47118","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cfY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47118","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=47118"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47118\/revisions"}],"predecessor-version":[{"id":47119,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47118\/revisions\/47119"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}