https://www.taxtmi.com/caselaws?id=404160 The Revenue's appeal challenging the treatment of loans as income in regular assessment was dismissed. The CIT(A) found the Assessing Officer's rejection of evidence supporting the source of funds vague and unjustified, ordering the deletion of the addition. Similarly, the addition of unexplained investment and credits in a specific financial year was deemed unjustified, leading to the deletion of these amounts. The judgment clarified that the credits from an earlier assessment year were the source of investments in the current year, dismissing the Revenue's appeal due to lack of merit. en-us Tue, 12 Jan 2021 00:00:00 +0530 Wed, 17 Feb 2021 09:30:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404160 The Revenue's appeal challenging the treatment of loans as income in regular assessment was dismissed. The CIT(A) found the Assessing Officer's rejection of evidence supporting the source of funds vague and unjustified, ordering the deletion of the addition. Similarly, the addition of unexplained investment and credits in a specific financial year was deemed unjustified, leading to the deletion of these amounts. The judgment clarified that the credits from an earlier assessment year were the source of investments in the current year, dismissing the Revenue's appeal due to lack of merit. Case-Laws Income Tax Tue, 12 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404160