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Issues: Whether the addition made under section 68 in respect of cash credits received from the assessee's wife, father and other small creditors was sustainable.
Analysis: The assessee produced confirmations, identity particulars and land records of several creditors, and explained that the amounts were received for purchase of property and were later repaid when the transaction did not materialize. The record showed that the Assessing Officer had carried out verification in remand proceedings, but the material produced by the assessee supported the agricultural background and source of funds of the creditors. In these circumstances, the addition sustained by the first appellate authority was found unsustainable in law.
Conclusion: The addition treated as unexplained cash credits was deleted and the issue was decided in favour of the assessee.
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