https://www.taxtmi.com/caselaws?id=327505 The Tribunal upheld the Assessing Officer's decision to treat the cash receipts of Rs. 4,51,29,000 as unexplained credit under Section 68 of the Income Tax Act, assessable under 'income from other sources.' The denial of set-off of depreciation loss, taxation of deemed income, and charging of interest and penalty were affirmed. The Tribunal rejected the arguments regarding undisclosed income and concealment, upholding the assessment and consequential provisions. The appeal was dismissed, affirming the order in open court. en-us Wed, 04 May 2016 00:00:00 +0530 Thu, 12 May 2016 01:23:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327505 The Tribunal upheld the Assessing Officer's decision to treat the cash receipts of Rs. 4,51,29,000 as unexplained credit under Section 68 of the Income Tax Act, assessable under 'income from other sources.' The denial of set-off of depreciation loss, taxation of deemed income, and charging of interest and penalty were affirmed. The Tribunal rejected the arguments regarding undisclosed income and concealment, upholding the assessment and consequential provisions. The appeal was dismissed, affirming the order in open court. Case-Laws Income Tax Wed, 04 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327505