https://www.taxtmi.com/caselaws?id=256584 The Tribunal ruled in favor of the Assessee, overturning the addition of Rs. 26,54,922 under Section 68 of the Income Tax Act. The Tribunal emphasized the lack of direct evidence supporting the addition and considered the transaction with M/s. Bharat Jari Works as genuine, noting the repayment of the advance. The Tribunal referenced a past decision for A.Y. 2004-05 where a similar issue arose, leading to the deletion of the addition. The delay in filing the appeal was condoned, and the Assessee's appeal was allowed. en-us Fri, 06 Feb 2015 00:00:00 +0530 Tue, 17 Feb 2015 08:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256584 The Tribunal ruled in favor of the Assessee, overturning the addition of Rs. 26,54,922 under Section 68 of the Income Tax Act. The Tribunal emphasized the lack of direct evidence supporting the addition and considered the transaction with M/s. Bharat Jari Works as genuine, noting the repayment of the advance. The Tribunal referenced a past decision for A.Y. 2004-05 where a similar issue arose, leading to the deletion of the addition. The delay in filing the appeal was condoned, and the Assessee's appeal was allowed. Case-Laws Income Tax Fri, 06 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256584