https://www.taxtmi.com/caselaws?id=77139 The High Court upheld the Income-tax Appellate Tribunal's decision to grant relief from additions made by the Assessing Officer under section 68 of the Income-tax Act. The Tribunal found deposits from Smt. Sheela Rani and Sri Jagar Singh to be genuine based on evidence, with the amounts deemed legitimate. Additionally, the High Court supported the deletion of hire charges and lease rentals on non-performing assets by the respondent-assessee, citing compliance with RBI guidelines. The Court emphasized the importance of adhering to regulatory guidelines for income recognition to ensure financial stability and regulatory compliance, ultimately dismissing the appeal. en-us Thu, 14 May 2009 00:00:00 +0530 Sat, 02 Feb 2013 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77139 The High Court upheld the Income-tax Appellate Tribunal's decision to grant relief from additions made by the Assessing Officer under section 68 of the Income-tax Act. The Tribunal found deposits from Smt. Sheela Rani and Sri Jagar Singh to be genuine based on evidence, with the amounts deemed legitimate. Additionally, the High Court supported the deletion of hire charges and lease rentals on non-performing assets by the respondent-assessee, citing compliance with RBI guidelines. The Court emphasized the importance of adhering to regulatory guidelines for income recognition to ensure financial stability and regulatory compliance, ultimately dismissing the appeal. Case-Laws Income Tax Thu, 14 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77139