https://www.taxtmi.com/caselaws?id=186318 Where an assessee supports a sale credit with a purchase bill, VDIS declaration, valuation material and account payee cheque payment, the credit cannot be treated as unexplained merely because of a later inconsistent statement by the purchaser. The Tribunal majority accepted that the surrounding facts were materially similar to an earlier relied-upon decision and held that the Revenue had not displaced the documentary explanation with reliable contrary evidence. The contrary view treated the transaction as fictitious, but the operative result was that the addition as unexplained income under section 68 was deleted. en-us Wed, 26 Apr 2006 00:00:00 +0530 Wed, 14 Sep 2016 14:12:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186318 Where an assessee supports a sale credit with a purchase bill, VDIS declaration, valuation material and account payee cheque payment, the credit cannot be treated as unexplained merely because of a later inconsistent statement by the purchaser. The Tribunal majority accepted that the surrounding facts were materially similar to an earlier relied-upon decision and held that the Revenue had not displaced the documentary explanation with reliable contrary evidence. The contrary view treated the transaction as fictitious, but the operative result was that the addition as unexplained income under section 68 was deleted. Case-Laws Income Tax Wed, 26 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186318