Sunday, 16 February 2014

Even lender engaged in providing accommodation entries can provide genuine loan if he has evidences

IT : Where it was apparent from material on record that lenders had granted loan to assessee through account payee cheques and they had got sufficient balance in their account before issuing those cheques, loan amount could not be added to assesse's taxable income under section 68 merely on ground that lenders were engaged in providing accommodation entries also


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