https://www.taxtmi.com/caselaws?id=64460 The Tribunal upheld the addition of Rs. 85,000 under section 68 of the Act, ruling that the cash credit received by the assessee firm was not satisfactorily explained. The Commissioner found inconsistencies in relationships and transactions, indicating benami ownership and fictitious reintroduction of the firm's own money. Despite the submission of documents, discrepancies raised authenticity concerns. The Tribunal rejected additional evidence and legal precedents, emphasizing the revenue's substantial evidence challenging transaction authenticity. The appeal was dismissed, underscoring the importance of establishing transaction credibility with concrete evidence and consistent explanations. en-us Tue, 24 Jul 1990 00:00:00 +0530 Tue, 08 Feb 2011 10:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64460 The Tribunal upheld the addition of Rs. 85,000 under section 68 of the Act, ruling that the cash credit received by the assessee firm was not satisfactorily explained. The Commissioner found inconsistencies in relationships and transactions, indicating benami ownership and fictitious reintroduction of the firm's own money. Despite the submission of documents, discrepancies raised authenticity concerns. The Tribunal rejected additional evidence and legal precedents, emphasizing the revenue's substantial evidence challenging transaction authenticity. The appeal was dismissed, underscoring the importance of establishing transaction credibility with concrete evidence and consistent explanations. Case-Laws Income Tax Tue, 24 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64460