https://www.taxtmi.com/caselaws?id=276098 Additional evidence relating to a cash advance from a prospective land buyer was admitted because it was material to testing the explanation for part of the cash deposits, and the matter was remanded to the Assessing Officer for verification. On the cash-deposit issue, the assessee's earlier cash withdrawals, cash flow statement, unsecured loans and refunds were accepted as explaining the deposits, since the Department did not show diversion of funds or any cash deficit. The Tribunal held that unexplained cash credit treatment under section 68 was not justified merely for want of a direct rupee-to-rupee nexus where available cash was otherwise established. The appeal was partly allowed. en-us Wed, 05 Dec 2012 00:00:00 +0530 Mon, 29 Oct 2018 15:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276098 Additional evidence relating to a cash advance from a prospective land buyer was admitted because it was material to testing the explanation for part of the cash deposits, and the matter was remanded to the Assessing Officer for verification. On the cash-deposit issue, the assessee's earlier cash withdrawals, cash flow statement, unsecured loans and refunds were accepted as explaining the deposits, since the Department did not show diversion of funds or any cash deficit. The Tribunal held that unexplained cash credit treatment under section 68 was not justified merely for want of a direct rupee-to-rupee nexus where available cash was otherwise established. The appeal was partly allowed. Case-Laws Income Tax Wed, 05 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276098