COMMISSIONER OF INCOME TAX VS M/S. JRD STOCK BROKERS PVT. LTD.
ITA 544/2005
12-09-2019
ITA 544/2005
12-09-2019
S. 68 Cash Credits: In order to avail of the theory of "peak credit", the
assessee has to make a clean breast of all facts. He has to explain each of the
sources of the deposits and the corresponding destination of the payment without
squaring them off. The ITAT cannot proceed merely on the basis of accountancy
and overlook the settled legal position.
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