https://www.taxtmi.com/caselaws?id=331805 The Tax Appeal was dismissed as both the CIT (Appeals) and the Tribunal upheld the deletion of the addition of unexplained credit to the assessee's capital account. They found that the amount had already been taxed by the Settlement Commission through declarations made by group companies, and there was no legal basis for the Revenue's appeal. The Tribunal refused to grant the assessing officer another chance to investigate the matter, as the basis for the additions was deemed legally unsustainable. Therefore, the appeal was rejected as no legal question emerged from the case. en-us Tue, 30 Aug 2016 00:00:00 +0530 Fri, 02 Sep 2016 12:28:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331805 The Tax Appeal was dismissed as both the CIT (Appeals) and the Tribunal upheld the deletion of the addition of unexplained credit to the assessee's capital account. They found that the amount had already been taxed by the Settlement Commission through declarations made by group companies, and there was no legal basis for the Revenue's appeal. The Tribunal refused to grant the assessing officer another chance to investigate the matter, as the basis for the additions was deemed legally unsustainable. Therefore, the appeal was rejected as no legal question emerged from the case. Case-Laws Income Tax Tue, 30 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331805