https://www.taxtmi.com/caselaws?id=350320 The Tribunal partially allowed the appeal, deleting the addition of Rs. 32 lakhs under Section 68 of the Income Tax Act, as the assessee satisfactorily explained the sources of cash deposits. However, the disallowance of the interest adjustment of Rs. 9,87,295 was upheld, as there was no nexus between the remuneration received and the capital contribution for business purposes. The Tribunal's decision was pronounced on 2nd November 2017. en-us Thu, 02 Nov 2017 00:00:00 +0530 Fri, 03 Nov 2017 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350320 The Tribunal partially allowed the appeal, deleting the addition of Rs. 32 lakhs under Section 68 of the Income Tax Act, as the assessee satisfactorily explained the sources of cash deposits. However, the disallowance of the interest adjustment of Rs. 9,87,295 was upheld, as there was no nexus between the remuneration received and the capital contribution for business purposes. The Tribunal's decision was pronounced on 2nd November 2017. Case-Laws Income Tax Thu, 02 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350320