https://www.taxtmi.com/caselaws?id=394525 The Tribunal partly allowed the appeal, deleting additions under section 68 of the Income Tax Act. For loans from individuals, the Tribunal accepted documentation for a Rs. 1 lakh loan and a Rs. 3 lakh loan from a non-resident, removing a Rs. 4 lakh addition. Regarding cash deposits, the Tribunal found the deposits were business income and loans from villagers for share trading, supported by identity proofs. The Tribunal held that the AO should have conducted further verification as necessary documentation was provided, ultimately ruling in favor of the assessee. en-us Tue, 04 Feb 2020 00:00:00 +0530 Wed, 15 Apr 2020 14:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394525 The Tribunal partly allowed the appeal, deleting additions under section 68 of the Income Tax Act. For loans from individuals, the Tribunal accepted documentation for a Rs. 1 lakh loan and a Rs. 3 lakh loan from a non-resident, removing a Rs. 4 lakh addition. Regarding cash deposits, the Tribunal found the deposits were business income and loans from villagers for share trading, supported by identity proofs. The Tribunal held that the AO should have conducted further verification as necessary documentation was provided, ultimately ruling in favor of the assessee. Case-Laws Income Tax Tue, 04 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394525