RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA
In the result, appeal filed by the assessee is allowed for statistical purposes
ITA 375/NAG/2024[2018-19]Status: DisposedITAT Nagpur18 Nov 2024AY 2018-19
Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member
For Appellant: Shri Mahavir AtalFor Respondent: Shri Sandipkumar Salunke
Section 142(1)Section 143Section 144BSection 68
264 ITR 254 (Gauhati) it has been held that-
“Under section 68 of Income Tax Act creditor‟s creditworthiness has to be judged vis-à-vis transactions, which have taken place between assessee and creditor, and it is not business of assessee to find out source of money of his creditor or genuineness of transactions, which took place between creditor
