GARUDA MARKETING ASSOCIATES,THRISSUR vs. THE ITO WARD 2(2), THRISSUR

In the result, the assessee’s appeal is partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Das

cash credit. That the credit/s arose ostensibly on the purchase of goods or services is in fact an explanation toward the nature of the credit/s, which an assessee is under and in terms of sec.68 obliged to explain, along with source thereof. Then, again, it may well be that the credit, representing a trade credit, had been paid since, though

ABC SALES CORPORATION,KASARAGOD vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE