https://www.taxtmi.com/caselaws?id=181508 The Revenue's addition of Rs. 27,96,075 under section 69 of the Income Tax Act was reduced to Rs. 10,99,109 by the Commissioner of Income Tax (Appeals). The Commissioner deleted the addition after accepting the explanations provided by the assessee regarding undisclosed bank accounts and loans from friends/relatives. The Tribunal set aside certain aspects of the Commissioner's decision for further examination, emphasizing the need to verify the genuineness of transactions and creditworthiness of depositors for the Assessment Year 2007-08. en-us Fri, 17 Apr 2015 00:00:00 +0530 Tue, 19 Apr 2016 12:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181508 The Revenue's addition of Rs. 27,96,075 under section 69 of the Income Tax Act was reduced to Rs. 10,99,109 by the Commissioner of Income Tax (Appeals). The Commissioner deleted the addition after accepting the explanations provided by the assessee regarding undisclosed bank accounts and loans from friends/relatives. The Tribunal set aside certain aspects of the Commissioner's decision for further examination, emphasizing the need to verify the genuineness of transactions and creditworthiness of depositors for the Assessment Year 2007-08. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181508