https://www.taxtmi.com/caselaws?id=243086 The Tribunal overturned the addition of Rs. 3,50,000 under section 68 of the Income-tax Act, 1961, as the source of the loan was proven legitimate. Additionally, the deletion of Rs. 15,15,000 on account of advances and Rs. 19,84,000 on account of loans was upheld by the Tribunal, except for loans from minors which were to be reevaluated. The Tribunal allowed the assessee's appeal and partly allowed the Revenue's appeal for statistical purposes, stressing the need to substantiate transaction legitimacy to prevent unjust additions. en-us Wed, 31 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 18:18:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243086 The Tribunal overturned the addition of Rs. 3,50,000 under section 68 of the Income-tax Act, 1961, as the source of the loan was proven legitimate. Additionally, the deletion of Rs. 15,15,000 on account of advances and Rs. 19,84,000 on account of loans was upheld by the Tribunal, except for loans from minors which were to be reevaluated. The Tribunal allowed the assessee's appeal and partly allowed the Revenue's appeal for statistical purposes, stressing the need to substantiate transaction legitimacy to prevent unjust additions. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243086