https://www.taxtmi.com/caselaws?id=261556 The Tribunal confirmed the addition of Rs. 28,09,953 as income from other sources under section 56 due to the assessee's failure to substantiate the nature and source of the credit satisfactorily. However, the addition of Rs. 3,03,424 on account of write back of earlier year expenses was deleted as the Revenue failed to demonstrate any income accruing to the assessee. The Tribunal stressed the importance of providing satisfactory explanations for credits in accounts to avoid adverse inferences under sections 68 and 56 of the Income Tax Act. en-us Fri, 03 Jul 2015 00:00:00 +0530 Thu, 16 Jul 2015 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261556 The Tribunal confirmed the addition of Rs. 28,09,953 as income from other sources under section 56 due to the assessee's failure to substantiate the nature and source of the credit satisfactorily. However, the addition of Rs. 3,03,424 on account of write back of earlier year expenses was deleted as the Revenue failed to demonstrate any income accruing to the assessee. The Tribunal stressed the importance of providing satisfactory explanations for credits in accounts to avoid adverse inferences under sections 68 and 56 of the Income Tax Act. Case-Laws Income Tax Fri, 03 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261556