https://www.taxtmi.com/caselaws?id=286292 The tribunal partially allowed the appeal by deleting the addition of Rs. 4 lakhs in unsecured loans from late Banamali Bisoye and Sri Simachal Panda, as the loans were proven to have legitimate sources. However, the addition of Rs. 8 lakhs in cash deposits as income was upheld due to lack of evidence supporting the claim that it was sale proceeds from the business. Additionally, the tribunal ruled in favor of the assessee by deleting the addition of Rs. 5 lakhs in an unsecured loan from Late Sannyasi Jena, as the creditor's absence was not properly addressed by the Assessing Officer. en-us Wed, 09 Nov 2016 00:00:00 +0530 Thu, 20 Feb 2020 10:19:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286292 The tribunal partially allowed the appeal by deleting the addition of Rs. 4 lakhs in unsecured loans from late Banamali Bisoye and Sri Simachal Panda, as the loans were proven to have legitimate sources. However, the addition of Rs. 8 lakhs in cash deposits as income was upheld due to lack of evidence supporting the claim that it was sale proceeds from the business. Additionally, the tribunal ruled in favor of the assessee by deleting the addition of Rs. 5 lakhs in an unsecured loan from Late Sannyasi Jena, as the creditor's absence was not properly addressed by the Assessing Officer. Case-Laws Income Tax Wed, 09 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286292