https://www.taxtmi.com/caselaws?id=277750 The Tribunal dismissed the appeal, ruling in favor of the department and against the assessee. The addition of Rs. 12.50 lacs under Section 69A of the IT Act was upheld due to inconsistencies and lack of substantiation in the appellant's explanation for the borrowed funds. The Tribunal found the appellant's conduct questionable and concluded that the onus was on the assessee to adequately explain the nature and source of the credits or debits, ultimately supporting the AO's decision. en-us Tue, 03 Oct 2017 00:00:00 +0530 Fri, 21 Dec 2018 05:51:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277750 The Tribunal dismissed the appeal, ruling in favor of the department and against the assessee. The addition of Rs. 12.50 lacs under Section 69A of the IT Act was upheld due to inconsistencies and lack of substantiation in the appellant's explanation for the borrowed funds. The Tribunal found the appellant's conduct questionable and concluded that the onus was on the assessee to adequately explain the nature and source of the credits or debits, ultimately supporting the AO's decision. Case-Laws Income Tax Tue, 03 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277750