https://www.taxtmi.com/caselaws?id=213766 The Tribunal dismissed the Revenue's appeal challenging the deletion of the addition of Rs. 50 lakhs made on account of unexplained cash credit under section 68 of the Income Tax Act. It affirmed the Commissioner of Income Tax (Appeals)'s decision, finding that the assessee had adequately proved the identity, creditworthiness, and genuineness of the transaction. Additionally, the Tribunal upheld the addition of Rs. 12,20,700 for alleged income from long-term capital gain under section 50C of the Act, based on stamp duty valuation. An alternative plea for adjusting fair market value was allowed for further examination by the Assessing Officer. en-us Thu, 10 May 2012 00:00:00 +0530 Mon, 04 Jun 2012 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213766 The Tribunal dismissed the Revenue's appeal challenging the deletion of the addition of Rs. 50 lakhs made on account of unexplained cash credit under section 68 of the Income Tax Act. It affirmed the Commissioner of Income Tax (Appeals)'s decision, finding that the assessee had adequately proved the identity, creditworthiness, and genuineness of the transaction. Additionally, the Tribunal upheld the addition of Rs. 12,20,700 for alleged income from long-term capital gain under section 50C of the Act, based on stamp duty valuation. An alternative plea for adjusting fair market value was allowed for further examination by the Assessing Officer. Case-Laws Income Tax Thu, 10 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213766