https://www.taxtmi.com/caselaws?id=280828 The Tribunal dismissed the Revenue's appeal, affirming the Commissioner's decision to delete a substantial portion of the addition under section 68 of the Income Tax Act. The explanation provided by the assessee, including the return of funds, was deemed credible, leading to the deletion of Rs. 15,80,000. The Tribunal also upheld the acceptance of additional evidence without allowing the Assessing Officer to submit a Remand Report, emphasizing the need to consider credible explanations and evidence. Additionally, the verification of the cash deposit was found satisfactory, resulting in a balance addition of Rs. 38,000. en-us Fri, 20 Mar 2015 00:00:00 +0530 Thu, 23 May 2019 06:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280828 The Tribunal dismissed the Revenue's appeal, affirming the Commissioner's decision to delete a substantial portion of the addition under section 68 of the Income Tax Act. The explanation provided by the assessee, including the return of funds, was deemed credible, leading to the deletion of Rs. 15,80,000. The Tribunal also upheld the acceptance of additional evidence without allowing the Assessing Officer to submit a Remand Report, emphasizing the need to consider credible explanations and evidence. Additionally, the verification of the cash deposit was found satisfactory, resulting in a balance addition of Rs. 38,000. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280828