https://www.taxtmi.com/caselaws?id=199406 The Tribunal allowed the assessee's appeal concerning the addition of unexplained cash credit under section 68 of the Income Tax Act, as the assessee successfully proved the legitimacy of the transaction and the creditor's capacity to lend. The deletion of an addition made for receipts not recorded in the books of accounts was partially upheld, considering accounting principles and details provided by the assessee. Additionally, the disallowance of certain expenses based on discrepancies was dismissed, as detailed and verified vouchers supported the expenses. The Tribunal's judgment favored the assessee, emphasizing compliance with the Income Tax Act. en-us Tue, 08 Dec 2015 00:00:00 +0530 Tue, 27 Feb 2018 20:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199406 The Tribunal allowed the assessee's appeal concerning the addition of unexplained cash credit under section 68 of the Income Tax Act, as the assessee successfully proved the legitimacy of the transaction and the creditor's capacity to lend. The deletion of an addition made for receipts not recorded in the books of accounts was partially upheld, considering accounting principles and details provided by the assessee. Additionally, the disallowance of certain expenses based on discrepancies was dismissed, as detailed and verified vouchers supported the expenses. The Tribunal's judgment favored the assessee, emphasizing compliance with the Income Tax Act. Case-Laws Income Tax Tue, 08 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199406