https://www.taxtmi.com/caselaws?id=332658 The appeal challenged the deletion of section 68 addition of unexplained cash credits totaling Rs. 39 lacs in the assessee's bank accounts for the assessment year 2008-09. The CIT(A) and Tribunal found the assessee's explanations satisfactory, citing evidence of payments, identity, and reasons for cash transactions, leading to the deletion of the addition. Additionally, the Tribunal upheld the deletion of the addition of Rs. 13 lacs, emphasizing the need for a proper enquiry and satisfactory evidence provided by the assessee. The decisions highlighted the burden of proof on the assessee and the importance of thorough examination by tax authorities before making additions, resulting in the dismissal of the Revenue's appeal. en-us Thu, 11 Aug 2016 00:00:00 +0530 Thu, 22 Sep 2016 13:07:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332658 The appeal challenged the deletion of section 68 addition of unexplained cash credits totaling Rs. 39 lacs in the assessee's bank accounts for the assessment year 2008-09. The CIT(A) and Tribunal found the assessee's explanations satisfactory, citing evidence of payments, identity, and reasons for cash transactions, leading to the deletion of the addition. Additionally, the Tribunal upheld the deletion of the addition of Rs. 13 lacs, emphasizing the need for a proper enquiry and satisfactory evidence provided by the assessee. The decisions highlighted the burden of proof on the assessee and the importance of thorough examination by tax authorities before making additions, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332658