https://www.taxtmi.com/caselaws?id=391296 The Tribunal allowed the assessee's appeal, deleting the addition of Rs. 1,74,10,040/- as unexplained credit under Section 68 of the Income Tax Act. It directed the set-off of this income against business losses. The Tribunal also upheld the deletion of the penalty imposed under Section 271(1)(c), emphasizing the necessity of providing adequate evidence to support income claims and the permissibility of set-off provisions for deemed income under Section 68 for assessment years preceding 2017-18. en-us Fri, 20 Dec 2019 00:00:00 +0530 Fri, 24 Jan 2020 12:51:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391296 The Tribunal allowed the assessee's appeal, deleting the addition of Rs. 1,74,10,040/- as unexplained credit under Section 68 of the Income Tax Act. It directed the set-off of this income against business losses. The Tribunal also upheld the deletion of the penalty imposed under Section 271(1)(c), emphasizing the necessity of providing adequate evidence to support income claims and the permissibility of set-off provisions for deemed income under Section 68 for assessment years preceding 2017-18. Case-Laws Income Tax Fri, 20 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391296