Cash credits: Credits from regular assessee-Credit in wife's name

Last updated: 23 July 2007

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Court :
High Court of Allahabad

Brief :
a:

Citation :
The assessee had disclosed certain cash credits in the name of his wife, who had the capacity to give deposit, as she was being regularly assessed under the Income Tax Act 1961 as well as the Wealth Tax Act 1957. Therefore, since the identity and capacity of the creditor was established, the tribunal's order deleting the addition made to the assessee's income on account of unexplained cash credits was justified. High Court of Allahabad CIT vs Prem Kumar I.T. Reference No. 27 of 1996 A.K. Yog and Prakash Krishna, JJ 19 January 2006 Shambhu Chopra for the Applicant R.S. Agarwal for the the Respondent

Daily Limit Reached