https://www.taxtmi.com/caselaws?id=344123 The revenue's appeal against the deletion of an addition of unexplained cash credit under section 68 of the Act for Assessment Year 2008-09 was successful. The appellant failed to prove the genuineness of transactions, leading to the unexplained cash credit being treated as income. Additionally, interest paid to depositors was disallowed due to lack of verification of depositors and their bank accounts, resulting in the appeal being allowed, setting aside the CIT(A)'s findings. en-us Wed, 31 May 2017 00:00:00 +0530 Fri, 09 Jun 2017 05:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344123 The revenue's appeal against the deletion of an addition of unexplained cash credit under section 68 of the Act for Assessment Year 2008-09 was successful. The appellant failed to prove the genuineness of transactions, leading to the unexplained cash credit being treated as income. Additionally, interest paid to depositors was disallowed due to lack of verification of depositors and their bank accounts, resulting in the appeal being allowed, setting aside the CIT(A)'s findings. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344123