https://www.taxtmi.com/caselaws?id=284332 The Tribunal partially allowed the Department's appeal against the deletion of an addition under section 68 of the Income Tax Act for unexplained cash credit. It found that while a portion of the amount was received in a previous year and could not be added in the current assessment year, the assessee failed to conclusively prove the creditworthiness and genuineness of the transaction for the remaining amount. The Tribunal set aside the Commissioner's order and directed the Assessing Officer to re-examine the issue. The cross objection by the assessee was dismissed as not pressed. en-us Thu, 30 Jun 2016 00:00:00 +0530 Tue, 12 Nov 2019 17:48:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284332 The Tribunal partially allowed the Department's appeal against the deletion of an addition under section 68 of the Income Tax Act for unexplained cash credit. It found that while a portion of the amount was received in a previous year and could not be added in the current assessment year, the assessee failed to conclusively prove the creditworthiness and genuineness of the transaction for the remaining amount. The Tribunal set aside the Commissioner's order and directed the Assessing Officer to re-examine the issue. The cross objection by the assessee was dismissed as not pressed. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284332