https://www.taxtmi.com/caselaws?id=366473 The Tribunal ruled in favor of the assessee, directing the AO to delete the impugned additions for all three years under consideration. The Tribunal found the additions based on diary entries and statements to be made on surmises and conjectures, with unreliable statements from Shri S.K. Terdale. It concluded that the loans given to relatives were independent transactions unconnected to the alleged undisclosed deposits, dismissing the AO's theory of converting black money into white. The appeals of the assessee were allowed, and stay applications were dismissed as infructuous. en-us Fri, 13 Apr 2018 00:00:00 +0530 Wed, 05 Sep 2018 09:01:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366473 The Tribunal ruled in favor of the assessee, directing the AO to delete the impugned additions for all three years under consideration. The Tribunal found the additions based on diary entries and statements to be made on surmises and conjectures, with unreliable statements from Shri S.K. Terdale. It concluded that the loans given to relatives were independent transactions unconnected to the alleged undisclosed deposits, dismissing the AO's theory of converting black money into white. The appeals of the assessee were allowed, and stay applications were dismissed as infructuous. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366473