https://www.taxtmi.com/caselaws?id=333346 The High Court upheld the decisions of the Commissioner of Income Tax (Appeals) and the Tribunal, affirming the validity of the transaction involving an unexplained cash credit under section 68 of the Income Tax Act. The Court emphasized the undisputed facts presented by the assessee, supported by bank records, and dismissed the tax appeal. Despite concerns raised due to a bank's liquidation, the Court concluded that the transaction was genuine and should not be doubted solely based on the bank's closure. The addition made on account of unexplained cash credit was deleted, with the Court rejecting the Revenue's challenge. en-us Mon, 01 Aug 2016 00:00:00 +0530 Mon, 10 Oct 2016 13:22:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333346 The High Court upheld the decisions of the Commissioner of Income Tax (Appeals) and the Tribunal, affirming the validity of the transaction involving an unexplained cash credit under section 68 of the Income Tax Act. The Court emphasized the undisputed facts presented by the assessee, supported by bank records, and dismissed the tax appeal. Despite concerns raised due to a bank's liquidation, the Court concluded that the transaction was genuine and should not be doubted solely based on the bank's closure. The addition made on account of unexplained cash credit was deleted, with the Court rejecting the Revenue's challenge. Case-Laws Income Tax Mon, 01 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333346