https://www.taxtmi.com/caselaws?id=292156 The ITAT Raipur examined deletion of additions for unexplained capital, difference in a loan account, an ad hoc wage disallowance, and an unexplained cash credit claim. It upheld deletion of the capital and loan-account additions because the remand report accepted the source of capital and explained the loan difference as an oversight, with no contrary material to disturb those findings. It also upheld deletion of the section 68 addition where the assessee proved the lender's identity, creditworthiness, genuineness, and supporting bank and return records. The flat 25% wage disallowance was found excessive without rejection of books, but a limited disallowance of Rs. 1,00,000 was sustained. en-us Thu, 15 Oct 2015 00:00:00 +0530 Tue, 08 Dec 2020 19:07:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292156 The ITAT Raipur examined deletion of additions for unexplained capital, difference in a loan account, an ad hoc wage disallowance, and an unexplained cash credit claim. It upheld deletion of the capital and loan-account additions because the remand report accepted the source of capital and explained the loan difference as an oversight, with no contrary material to disturb those findings. It also upheld deletion of the section 68 addition where the assessee proved the lender's identity, creditworthiness, genuineness, and supporting bank and return records. The flat 25% wage disallowance was found excessive without rejection of books, but a limited disallowance of Rs. 1,00,000 was sustained. Case-Laws Income Tax Thu, 15 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292156