https://www.taxtmi.com/caselaws?id=385988 The Tribunal allowed the grounds raised by the assessee for the assessment year 2013-14, directing the deletion of additions made towards the estimation of profits and unsecured loans under Section 68. The Tribunal found the AO's estimations of profits to be based on hypothetical income and not in accordance with applicable accounting standards. Additionally, the Tribunal held that the assessee had sufficiently proven the genuineness of the unsecured loans through detailed documentation, leading to the deletion of the additions made under Section 68 for both assessment years. en-us Wed, 17 Jul 2019 00:00:00 +0530 Thu, 19 Sep 2019 13:20:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385988 The Tribunal allowed the grounds raised by the assessee for the assessment year 2013-14, directing the deletion of additions made towards the estimation of profits and unsecured loans under Section 68. The Tribunal found the AO's estimations of profits to be based on hypothetical income and not in accordance with applicable accounting standards. Additionally, the Tribunal held that the assessee had sufficiently proven the genuineness of the unsecured loans through detailed documentation, leading to the deletion of the additions made under Section 68 for both assessment years. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385988