https://www.taxtmi.com/caselaws?id=13450 The High Court set aside the Tribunal's decision to delete the addition of income assessed under section 68 of the Income-tax Act, 1961, amounting to Rs. 61,85,000. The Court found the Tribunal's acceptance of the loan transaction lacked material evidence and credibility, emphasizing the necessity of credible evidence for large cash transactions. The Court upheld the assessment of income under section 68 as income from undisclosed sources and determined the business income at Rs. 5 lakhs, overturning the Tribunal's redetermination at Rs. 1 lakh. en-us Fri, 10 Nov 2006 00:00:00 +0530 Fri, 29 May 2009 10:28:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13450 The High Court set aside the Tribunal's decision to delete the addition of income assessed under section 68 of the Income-tax Act, 1961, amounting to Rs. 61,85,000. The Court found the Tribunal's acceptance of the loan transaction lacked material evidence and credibility, emphasizing the necessity of credible evidence for large cash transactions. The Court upheld the assessment of income under section 68 as income from undisclosed sources and determined the business income at Rs. 5 lakhs, overturning the Tribunal's redetermination at Rs. 1 lakh. Case-Laws Income Tax Fri, 10 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13450