https://www.taxtmi.com/caselaws?id=13693 The Tribunal ruled in favor of the assessee regarding the addition of Rs. 63,351 under section 69 of the Income-tax Act for unexplained peak difference of investment over income, canceling the addition. The deletion of Rs. 1,50,606 added as unexplained investment in purchase of foreign currency was upheld based on a previous judgment. However, the court remanded the issue of Rs. 80,000 added for unexplained loans received back to the Assessing Officer for verification, setting aside the deletion made by the Tribunal. The judgment emphasized the need for the genuineness of transactions to be established by the assessee. en-us Wed, 09 Mar 2005 00:00:00 +0530 Sun, 02 May 2010 23:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13693 The Tribunal ruled in favor of the assessee regarding the addition of Rs. 63,351 under section 69 of the Income-tax Act for unexplained peak difference of investment over income, canceling the addition. The deletion of Rs. 1,50,606 added as unexplained investment in purchase of foreign currency was upheld based on a previous judgment. However, the court remanded the issue of Rs. 80,000 added for unexplained loans received back to the Assessing Officer for verification, setting aside the deletion made by the Tribunal. The judgment emphasized the need for the genuineness of transactions to be established by the assessee. Case-Laws Income Tax Wed, 09 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13693