https://www.taxtmi.com/caselaws?id=62914 The Tribunal upheld the CIT(A)'s decision to delete cash credits added by the Revenue under section 68 of the Income-tax Act for the assessment year 1988-89. The Tribunal found the explanation provided by the assessee regarding the cash credits to be satisfactory, as they were introduced through account payee cheques and the genuineness of the transaction was proven. It concluded that the disputed sums existed before the assessment year and could not be considered as the assessee's income for that year, emphasizing the need to objectively consider the source and nature of the cash credits. en-us Wed, 07 Feb 1996 00:00:00 +0530 Sat, 22 Jan 2011 15:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62914 The Tribunal upheld the CIT(A)'s decision to delete cash credits added by the Revenue under section 68 of the Income-tax Act for the assessment year 1988-89. The Tribunal found the explanation provided by the assessee regarding the cash credits to be satisfactory, as they were introduced through account payee cheques and the genuineness of the transaction was proven. It concluded that the disputed sums existed before the assessment year and could not be considered as the assessee's income for that year, emphasizing the need to objectively consider the source and nature of the cash credits. Case-Laws Income Tax Wed, 07 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62914