https://www.taxtmi.com/caselaws?id=400941 The tribunal upheld the addition of unexplained cash credit of Rs. 57,00,240 under section 68 of the Income Tax Act. The assessee's failure to provide evidence for cash sources, maintain proper records, and substantiate business transactions led to the rejection of their appeal. The tribunal emphasized the importance of explaining cash deposits and confirming the legitimacy of financial activities. The peak credit benefit claim was dismissed due to insufficient disclosure, reinforcing the need for comprehensive documentation in income tax cases. en-us Thu, 22 Oct 2020 00:00:00 +0530 Mon, 23 Nov 2020 14:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400941 The tribunal upheld the addition of unexplained cash credit of Rs. 57,00,240 under section 68 of the Income Tax Act. The assessee's failure to provide evidence for cash sources, maintain proper records, and substantiate business transactions led to the rejection of their appeal. The tribunal emphasized the importance of explaining cash deposits and confirming the legitimacy of financial activities. The peak credit benefit claim was dismissed due to insufficient disclosure, reinforcing the need for comprehensive documentation in income tax cases. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400941