https://www.taxtmi.com/caselaws?id=334923 The Tribunal allowed the appeal, overturning the Commissioner of Income-tax (Appeals) order to add Rs. 7,62,367 as unexplained cash credit under section 68 of the Income-tax Act, 1961 for assessment year 2007-08. The Tribunal found that the amount in question was received in earlier years as a gift, not during the assessment year, and deemed the rejection of the explanation unjust. Consequently, the addition under section 68 was held unsustainable, leading to the deletion of the amount and allowing the assessee's appeal. en-us Wed, 16 Mar 2016 00:00:00 +0530 Wed, 23 Nov 2016 14:54:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334923 The Tribunal allowed the appeal, overturning the Commissioner of Income-tax (Appeals) order to add Rs. 7,62,367 as unexplained cash credit under section 68 of the Income-tax Act, 1961 for assessment year 2007-08. The Tribunal found that the amount in question was received in earlier years as a gift, not during the assessment year, and deemed the rejection of the explanation unjust. Consequently, the addition under section 68 was held unsustainable, leading to the deletion of the amount and allowing the assessee's appeal. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334923