Section 68: Genuine Loan Transactions Valid Despite Non-Filing of Tax Returns, Says Court. Repeated Acceptance Matters.

Unexplained cash credits - Addition u/s 68 - Merely not filing the income tax return cannot debar the genuine transactions of the assessee in respect of this loans which have been repeated and in subsequent year the Revenue has accepted the same. The creditworthiness depends upon the act of both the parties and therefore, on merit as well the addition does not sustain - AT .....

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