Sec. 68 additions to be deleted if assessee offered explanation on cash credit during penalty proceedings: SC

INCOME TAX: Where Assessing Officer during assessment for assessment year 1998-99 made additions of Rs. 2.26 lakhs to income of assessee treating said amount as cash credits under section 68 as said credits were shown in name of 15 persons and no proof/evidence had been produced by assessee with respect to income of creditors and source of income, however,

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