https://www.taxtmi.com/caselaws?id=208630 The dominant issue was whether a receipt of ?1.50 lakh could be treated as unexplained cash credit under s.68 of the Income-tax Act. The Tribunal, on appreciation of the material on record, found that the amount received by the assessee was repaid within 15 days, establishing that the transaction was bona fide and not an unexplained credit. On this factual and legal basis, s.68 was held inapplicable, and the addition for income escaping assessment was deleted, resulting in relief to the assessee. en-us Thu, 31 Mar 2011 00:00:00 +0530 Wed, 31 Dec 2025 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208630 The dominant issue was whether a receipt of ?1.50 lakh could be treated as unexplained cash credit under s.68 of the Income-tax Act. The Tribunal, on appreciation of the material on record, found that the amount received by the assessee was repaid within 15 days, establishing that the transaction was bona fide and not an unexplained credit. On this factual and legal basis, s.68 was held inapplicable, and the addition for income escaping assessment was deleted, resulting in relief to the assessee. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208630