https://www.taxtmi.com/caselaws?id=182955 The Tribunal set aside the additions of unexplained cash credits and interest on alleged bogus loans due to the Assessing Officer's failure to follow directions for proper examination on merits and verification of repayment claims. The Tribunal emphasized the importance of allowing cross-examination and verifying facts before drawing adverse inferences based on third-party statements, highlighting the need for re-verification and proper examination in such cases. The appeal was allowed for statistical purposes, stressing the significance of due diligence in assessing additions related to unexplained cash credits under section 68. en-us Fri, 06 Sep 2013 00:00:00 +0530 Thu, 17 Nov 2016 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182955 The Tribunal set aside the additions of unexplained cash credits and interest on alleged bogus loans due to the Assessing Officer's failure to follow directions for proper examination on merits and verification of repayment claims. The Tribunal emphasized the importance of allowing cross-examination and verifying facts before drawing adverse inferences based on third-party statements, highlighting the need for re-verification and proper examination in such cases. The appeal was allowed for statistical purposes, stressing the significance of due diligence in assessing additions related to unexplained cash credits under section 68. Case-Laws Income Tax Fri, 06 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182955