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SECTION 68 OF THE INCOME-TAX ACT, 1961 – CASH CREDIT

 Where assessee received sum of certain amount from two persons as loan to invest in shares of a company and AO made additions under section 68 in name of assessee on protective basis and in name of said two persons on substantive basis, since source of funds from creditors and their source, i.e., source on source was also proved by assessee and that one party had already been substantially taxed and addition in respect of second party was also deleted by CIT(A) as source was clearly proved by assessee, impugned addition made in case of assessee on protective basis was to be deleted – Principal Commissioner of Income-tax-3 v. Rachna Finlease (P.) Ltd. – [2024] 158 taxmann.com 430 (Gujarat)

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