ITO, NEW DELHI vs. M/S. ELATIVE BUILDING SOLUTIONS PVT. LTD., NEW DELHI
In the result, appeal of assessee is allowed
ITA 2498/DEL/2017[2012-13]Status: DisposedITAT Delhi24 Mar 2021AY 2012-13
For Appellant: Shri Sudesh Garg, AdvocateFor Respondent: Shri Jagdish Singh, Sr. DR
Section 68 of the Income-tax Act, 1961 – Cash credits –
Assessment year 1976- 77 – Partners of assessee-firm were members of one ‘J’ group running several businesses and industries
– Accounts of assessee-firm showed that it had borrowed certain amount from GB, a proprietary concern of one of its partners JM, which was invested in purchase of shares
