https://www.taxtmi.com/caselaws?id=169858 The Tribunal upheld the deletion of the addition of Rs. 5,48,900 under section 68 of the Income Tax Act, 1961, as the Assessing Officer failed to prove ownership conclusively. Additionally, the Tribunal affirmed the deletion of the Rs. 3,62,155 addition on unexplained opening cash balance, noting it was carried forward from the previous year and not taxable for the current assessment year. The Tribunal emphasized the necessity of establishing a direct link between income and the assessee for tax purposes, ultimately dismissing the revenue's appeal in both issues. en-us Fri, 14 Feb 2014 00:00:00 +0530 Wed, 29 Oct 2014 18:00:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169858 The Tribunal upheld the deletion of the addition of Rs. 5,48,900 under section 68 of the Income Tax Act, 1961, as the Assessing Officer failed to prove ownership conclusively. Additionally, the Tribunal affirmed the deletion of the Rs. 3,62,155 addition on unexplained opening cash balance, noting it was carried forward from the previous year and not taxable for the current assessment year. The Tribunal emphasized the necessity of establishing a direct link between income and the assessee for tax purposes, ultimately dismissing the revenue's appeal in both issues. Case-Laws Income Tax Fri, 14 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169858