https://www.taxtmi.com/caselaws?id=401273 An addition as unexplained cash credit could not be sustained where the assessee produced the lender's identity, banking trail, PAN, return of income and loan confirmation, and the remand report accepted the loan receipt; once identity, genuineness and creditworthiness were shown, section 68 relief followed. Ad hoc disallowances of vehicle, salary and purchase expenses were also unsustainable because they were made without cogent reasoning or concrete material. Business expenditure must be examined on the basis of commercial expediency and the businessman's judgment, not by unsupported estimation. The disputed additions and disallowances were therefore deleted. en-us Fri, 06 Nov 2020 00:00:00 +0530 Thu, 03 Dec 2020 11:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401273 An addition as unexplained cash credit could not be sustained where the assessee produced the lender's identity, banking trail, PAN, return of income and loan confirmation, and the remand report accepted the loan receipt; once identity, genuineness and creditworthiness were shown, section 68 relief followed. Ad hoc disallowances of vehicle, salary and purchase expenses were also unsustainable because they were made without cogent reasoning or concrete material. Business expenditure must be examined on the basis of commercial expediency and the businessman's judgment, not by unsupported estimation. The disputed additions and disallowances were therefore deleted. Case-Laws Income Tax Fri, 06 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401273