https://www.taxtmi.com/caselaws?id=371810 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to add Rs. 14 lakhs under section 68 of the Act due to lack of creditworthiness in accepting unsecured loans. Despite certain deletions in favor of the Assessee for providing primary evidence, the Tribunal dismissed the Assessee's appeal. Additionally, the Tribunal confirmed the addition of Rs. 3,03,017/- out of inflated unpaid expenses, directing the Assessee to estimate net profit at 2% instead of 1.79% declared, restricting the addition. Both the Revenue's and Assessee's appeals were dismissed, affirming the CIT(A)'s orders on both issues. en-us Fri, 07 Dec 2018 00:00:00 +0530 Mon, 10 Dec 2018 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371810 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to add Rs. 14 lakhs under section 68 of the Act due to lack of creditworthiness in accepting unsecured loans. Despite certain deletions in favor of the Assessee for providing primary evidence, the Tribunal dismissed the Assessee's appeal. Additionally, the Tribunal confirmed the addition of Rs. 3,03,017/- out of inflated unpaid expenses, directing the Assessee to estimate net profit at 2% instead of 1.79% declared, restricting the addition. Both the Revenue's and Assessee's appeals were dismissed, affirming the CIT(A)'s orders on both issues. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371810