https://www.taxtmi.com/caselaws?id=244246 The ITAT Hyderabad allowed the appeals filed by the Assessee concerning delay in filing appeals and unexplained cash credits under section 68 of the Act. The delay in filing appeals was condoned due to reasonable causes cited by the Assessee. The additions made by the AO and confirmed by the CIT(A) regarding unexplained cash credits were deemed improper as the Assessee demonstrated the identity and creditworthiness of the creditors, along with genuine transactions through banking channels. Consequently, the additions were deleted, and the appeals were allowed for the relevant assessment year. The outcome regarding the charging of interest under sections 234A, 234B, and 234C of the Act was not specified in the judgment. en-us Wed, 01 Jan 2014 00:00:00 +0530 Fri, 21 Feb 2014 09:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244246 The ITAT Hyderabad allowed the appeals filed by the Assessee concerning delay in filing appeals and unexplained cash credits under section 68 of the Act. The delay in filing appeals was condoned due to reasonable causes cited by the Assessee. The additions made by the AO and confirmed by the CIT(A) regarding unexplained cash credits were deemed improper as the Assessee demonstrated the identity and creditworthiness of the creditors, along with genuine transactions through banking channels. Consequently, the additions were deleted, and the appeals were allowed for the relevant assessment year. The outcome regarding the charging of interest under sections 234A, 234B, and 234C of the Act was not specified in the judgment. Case-Laws Income Tax Wed, 01 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244246