https://www.taxtmi.com/caselaws?id=342797 The Tribunal dismissed the revenue's appeal and allowed the assessee's cross objection, confirming the decisions of the CIT(A) on all issues raised in the case. The additions of unexplained cash credit under section 68, interest on unsecured loan, and low withdrawals for household expenses were deleted based on the genuineness of the transactions and lack of evidence provided by the revenue. The estimation of net profit rate for income calculation was also set aside as unjustified without rejecting the books of account. en-us Mon, 08 May 2017 00:00:00 +0530 Fri, 12 May 2017 07:37:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342797 The Tribunal dismissed the revenue's appeal and allowed the assessee's cross objection, confirming the decisions of the CIT(A) on all issues raised in the case. The additions of unexplained cash credit under section 68, interest on unsecured loan, and low withdrawals for household expenses were deleted based on the genuineness of the transactions and lack of evidence provided by the revenue. The estimation of net profit rate for income calculation was also set aside as unjustified without rejecting the books of account. Case-Laws Income Tax Mon, 08 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342797