https://www.taxtmi.com/caselaws?id=176881 The HC upheld the Tribunal's decision on two issues. First, the addition of Rs. 23,00,000 as unexplained cash credit under section 68 of the Income Tax Act was deemed unsustainable, as the assessee adequately explained the transaction and the creditor's creditworthiness. Second, the disallowance of Rs. 5,49,189 for deferred revenue expenditure was overturned, with the Tribunal affirming that the expenses were legitimate as the business had commenced and the franchise agreements were revoked due to unforeseen circumstances. The HC found no substantial question of law, dismissing the appeal. en-us Mon, 08 Sep 2008 00:00:00 +0530 Sat, 09 Dec 2023 20:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176881 The HC upheld the Tribunal's decision on two issues. First, the addition of Rs. 23,00,000 as unexplained cash credit under section 68 of the Income Tax Act was deemed unsustainable, as the assessee adequately explained the transaction and the creditor's creditworthiness. Second, the disallowance of Rs. 5,49,189 for deferred revenue expenditure was overturned, with the Tribunal affirming that the expenses were legitimate as the business had commenced and the franchise agreements were revoked due to unforeseen circumstances. The HC found no substantial question of law, dismissing the appeal. Case-Laws Income Tax Mon, 08 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176881