https://www.taxtmi.com/caselaws?id=385615 Section 68 addition was deleted where the impugned amount related to an earlier commercial arrangement supported by an agreement to sell, ledger material and an explanation of fund movement through connected concerns; later adverse developments and an unregistered agreement did not, on those facts, make the credit unexplained. Section 68 addition relating to another party was also deleted because the licence agreement, ledger confirmation, return-related documents and director confirmation established the transaction's identity and business character. Cash-payment disallowance under section 40A(3) was removed because no single-day payment exceeded the statutory threshold. A complete disallowance of business expenditure as bogus was found excessive, so only a restricted disallowance was upheld. en-us Fri, 06 Sep 2019 00:00:00 +0530 Mon, 09 Sep 2019 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385615 Section 68 addition was deleted where the impugned amount related to an earlier commercial arrangement supported by an agreement to sell, ledger material and an explanation of fund movement through connected concerns; later adverse developments and an unregistered agreement did not, on those facts, make the credit unexplained. Section 68 addition relating to another party was also deleted because the licence agreement, ledger confirmation, return-related documents and director confirmation established the transaction's identity and business character. Cash-payment disallowance under section 40A(3) was removed because no single-day payment exceeded the statutory threshold. A complete disallowance of business expenditure as bogus was found excessive, so only a restricted disallowance was upheld. Case-Laws Income Tax Fri, 06 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385615