https://www.taxtmi.com/caselaws?id=63768 The Department's appeal was dismissed due to the condonation of delay in filing the appeal and the deletion of the addition of Rs. 50,000 regarding the genuineness of the loan. The Tribunal upheld the CIT(A)'s decision to delete the addition, as the assessee proved the identity and capacity of the creditor. Additionally, the Tribunal reversed the addition of Rs. 21,000 as income from undisclosed sources, as the assessee provided sufficient evidence of the gift's genuineness. The Tribunal allowed relief for the addition of Rs. 15,000 on account of low withdrawals for household expenses by telescoping it against trading results. en-us Mon, 24 Feb 1997 00:00:00 +0530 Tue, 01 Feb 2011 17:01:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63768 The Department's appeal was dismissed due to the condonation of delay in filing the appeal and the deletion of the addition of Rs. 50,000 regarding the genuineness of the loan. The Tribunal upheld the CIT(A)'s decision to delete the addition, as the assessee proved the identity and capacity of the creditor. Additionally, the Tribunal reversed the addition of Rs. 21,000 as income from undisclosed sources, as the assessee provided sufficient evidence of the gift's genuineness. The Tribunal allowed relief for the addition of Rs. 15,000 on account of low withdrawals for household expenses by telescoping it against trading results. Case-Laws Income Tax Mon, 24 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63768