https://www.taxtmi.com/caselaws?id=331623 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 50,00,000/- and Rs. 2,58,220/- as interest on unexplained cash credits under Section 68 of the Income-tax Act. The Tribunal found that the assessee had provided sufficient evidence to establish the genuineness of the transactions and the creditworthiness of the creditors. The adhoc disallowance of Rs. 1 lakh under Section 14A was dismissed as not pressed. The Tribunal did not provide a specific ruling on the applicability of Rule 8D of the Income Tax Rules, 1962. en-us Fri, 22 Jul 2016 00:00:00 +0530 Mon, 29 Aug 2016 11:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331623 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 50,00,000/- and Rs. 2,58,220/- as interest on unexplained cash credits under Section 68 of the Income-tax Act. The Tribunal found that the assessee had provided sufficient evidence to establish the genuineness of the transactions and the creditworthiness of the creditors. The adhoc disallowance of Rs. 1 lakh under Section 14A was dismissed as not pressed. The Tribunal did not provide a specific ruling on the applicability of Rule 8D of the Income Tax Rules, 1962. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331623