https://www.taxtmi.com/caselaws?id=267148 The Tribunal dismissed the ground regarding the initiation of proceedings under Section 153A without incriminating material as it was not pressed by the assessee. Regarding the addition on account of interest paid to the bank, the Tribunal allowed the appeals in multiple cases, noting the positive net interest income and lack of direct nexus between borrowings and exempt income. In the case of trading additions under Section 68 for unexplained credits, the Tribunal set aside the issue for verification. Additionally, the Tribunal emphasized the importance of establishing a direct nexus between borrowings and exempt income and providing specific evidence for rejecting books of account under Section 145(3). en-us Thu, 24 Sep 2015 00:00:00 +0530 Sat, 31 Oct 2015 09:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267148 The Tribunal dismissed the ground regarding the initiation of proceedings under Section 153A without incriminating material as it was not pressed by the assessee. Regarding the addition on account of interest paid to the bank, the Tribunal allowed the appeals in multiple cases, noting the positive net interest income and lack of direct nexus between borrowings and exempt income. In the case of trading additions under Section 68 for unexplained credits, the Tribunal set aside the issue for verification. Additionally, the Tribunal emphasized the importance of establishing a direct nexus between borrowings and exempt income and providing specific evidence for rejecting books of account under Section 145(3). Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267148