https://www.taxtmi.com/caselaws?id=242322 The Tribunal ruled in favor of the partnership firm, overturning the addition of Rs.1,05,56,849/- to income under section 28(iv) of the Income Tax Act, 1961, based on the credit balance in the suspense account. The Tribunal emphasized the lack of nexus between the firm's business activities and the alleged benefit from the balance, noting that the amount was not received as a cash benefit in the relevant year. As no evidence of actual cash benefit was presented, the addition was deemed unsustainable, leading to the firm's successful appeal. en-us Fri, 10 May 2013 00:00:00 +0530 Mon, 13 Jan 2014 09:50:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242322 The Tribunal ruled in favor of the partnership firm, overturning the addition of Rs.1,05,56,849/- to income under section 28(iv) of the Income Tax Act, 1961, based on the credit balance in the suspense account. The Tribunal emphasized the lack of nexus between the firm's business activities and the alleged benefit from the balance, noting that the amount was not received as a cash benefit in the relevant year. As no evidence of actual cash benefit was presented, the addition was deemed unsustainable, leading to the firm's successful appeal. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242322