https://www.taxtmi.com/caselaws?id=119400 The Tribunal confirmed the CIT(A)'s decision and dismissed the Department's appeal regarding the addition of Rs. 15 lakhs as undisclosed income for the financial year 1998-99. The Tribunal held that as the loan amount was received in cash and the repayment was likely made from the same cash, no addition on account of undisclosed income was justified. The Tribunal emphasized that the Assessing Officer wrongly presumed the repayment came from undisclosed sources, supporting the CIT(A)'s decision to delete the addition. en-us Wed, 06 Jun 2007 00:00:00 +0530 Tue, 10 Jul 2012 18:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119400 The Tribunal confirmed the CIT(A)'s decision and dismissed the Department's appeal regarding the addition of Rs. 15 lakhs as undisclosed income for the financial year 1998-99. The Tribunal held that as the loan amount was received in cash and the repayment was likely made from the same cash, no addition on account of undisclosed income was justified. The Tribunal emphasized that the Assessing Officer wrongly presumed the repayment came from undisclosed sources, supporting the CIT(A)'s decision to delete the addition. Case-Laws Income Tax Wed, 06 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119400