https://www.taxtmi.com/caselaws?id=377522 The Tribunal found in favor of the assessee, ruling that the addition of Rs. 3,862.36 crores as unexplained cash credit under Section 68 of the Income Tax Act was unsustainable. The Tribunal held that Section 68 did not apply to book entries or liabilities, as the transactions were intra-group and settled through debentures. The Tribunal directed the Assessing Officer to verify if actual money was received; if not, the addition would be deleted. The jurisdictional issue regarding the assessment notices was not addressed in the final decision. en-us Wed, 27 Mar 2019 00:00:00 +0530 Sat, 30 Mar 2019 08:54:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377522 The Tribunal found in favor of the assessee, ruling that the addition of Rs. 3,862.36 crores as unexplained cash credit under Section 68 of the Income Tax Act was unsustainable. The Tribunal held that Section 68 did not apply to book entries or liabilities, as the transactions were intra-group and settled through debentures. The Tribunal directed the Assessing Officer to verify if actual money was received; if not, the addition would be deleted. The jurisdictional issue regarding the assessment notices was not addressed in the final decision. Case-Laws Income Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377522