Heat Flex Cables (P) Ltd. vs ITO
Whether the addition of Rs.40 lakhs under section 68 of the Income Tax Act, 1961, as unexplained cash credits was justified when the assessee provided documentary evidence establishing the identity, creditworthiness, and genuineness of the investor companies? --- Held: No. Whether the reopening of assessment under section 147/148 was valid? --- Held: Yes, as no objections were raised by the assessee.
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