https://www.taxtmi.com/caselaws?id=330835 HC upheld a Rs.30 lakh addition to the assessee's return, finding the assessee failed to prove deposited amounts were genuine loans and that the facts supported treating them as unexplained credits. The Tribunal and CIT(A) were affirmed on facts; the incorrect citation of the statutory provision in the assessment order did not vitiate the addition where no prejudice to the assessee occurred and the addition is otherwise sustainable under the Act. Given these conclusions, consideration of section 292-B was unnecessary. en-us Wed, 20 Jul 2016 00:00:00 +0530 Sat, 18 Oct 2025 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330835 HC upheld a Rs.30 lakh addition to the assessee's return, finding the assessee failed to prove deposited amounts were genuine loans and that the facts supported treating them as unexplained credits. The Tribunal and CIT(A) were affirmed on facts; the incorrect citation of the statutory provision in the assessment order did not vitiate the addition where no prejudice to the assessee occurred and the addition is otherwise sustainable under the Act. Given these conclusions, consideration of section 292-B was unnecessary. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330835