https://www.taxtmi.com/caselaws?id=65405 The Tribunal reversed the CIT(A)'s decision and upheld the AO's addition of Rs. 10 lakhs under Section 68 of the IT Act, 1961. It found the loans from agriculturist creditors to be non-genuine, citing improbabilities such as interest-free loans for over three years, suspicious timing of cash deposits, and minimal banking activity. The Tribunal dismissed the argument that Section 68 was inapplicable due to the absence of books of account, referencing SC precedents. Consequently, the Department's appeal was allowed, reinstating the addition as unexplained cash credit. en-us Fri, 04 Jan 2008 00:00:00 +0530 Thu, 25 Jan 2024 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65405 The Tribunal reversed the CIT(A)'s decision and upheld the AO's addition of Rs. 10 lakhs under Section 68 of the IT Act, 1961. It found the loans from agriculturist creditors to be non-genuine, citing improbabilities such as interest-free loans for over three years, suspicious timing of cash deposits, and minimal banking activity. The Tribunal dismissed the argument that Section 68 was inapplicable due to the absence of books of account, referencing SC precedents. Consequently, the Department's appeal was allowed, reinstating the addition as unexplained cash credit. Case-Laws Income Tax Fri, 04 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65405