https://www.taxtmi.com/caselaws?id=261360 The Tribunal upheld the CIT(A)'s decision in both issues, dismissing the revenue's appeal in its entirety. The addition of unexplained cash credits in the name of Shri Prafull Patel was reversed, as the appellant had properly recorded derivative transactions to settle losses. The disallowance under Section 40A(3) was deleted, as adjustments were made with consent and did not aim to evade tax liability. The Tribunal emphasized that the entries were from earlier years and did not violate Section 40A(3), relying on precedents to support the CIT(A)'s order. en-us Fri, 19 Jun 2015 00:00:00 +0530 Tue, 07 Jul 2015 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261360 The Tribunal upheld the CIT(A)'s decision in both issues, dismissing the revenue's appeal in its entirety. The addition of unexplained cash credits in the name of Shri Prafull Patel was reversed, as the appellant had properly recorded derivative transactions to settle losses. The disallowance under Section 40A(3) was deleted, as adjustments were made with consent and did not aim to evade tax liability. The Tribunal emphasized that the entries were from earlier years and did not violate Section 40A(3), relying on precedents to support the CIT(A)'s order. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261360