https://www.taxtmi.com/caselaws?id=176820 The Court dismissed the Tax Appeal, upholding the Tribunal's decision to delete the majority of the addition of unexplained cash credit under Section 68 of the Income-tax Act. The Tribunal found that only Rs. 50,000 was received in the present year, with the rest being an opening balance, leading to the deletion of the balance addition. The Court agreed with the Tribunal's reasoning that the assessee deserved the benefit of telescoping due to the relatively small amount involved, ultimately confirming a total addition of Rs. 1,58,606. en-us Tue, 04 Dec 2012 00:00:00 +0530 Tue, 29 Dec 2015 17:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176820 The Court dismissed the Tax Appeal, upholding the Tribunal's decision to delete the majority of the addition of unexplained cash credit under Section 68 of the Income-tax Act. The Tribunal found that only Rs. 50,000 was received in the present year, with the rest being an opening balance, leading to the deletion of the balance addition. The Court agreed with the Tribunal's reasoning that the assessee deserved the benefit of telescoping due to the relatively small amount involved, ultimately confirming a total addition of Rs. 1,58,606. Case-Laws Income Tax Tue, 04 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176820