https://www.taxtmi.com/caselaws?id=406513 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO regarding unexplained cash credit and commission expenses. It emphasized the need to prove the genuineness of transactions and loan repayments. The Revenue's appeal against the CIT(A)'s order was dismissed, as the necessary evidence provided supported the deletion of additions. The Tribunal held that once books of accounts are rejected, no further additions can be made based on those books, affirming the importance of substantiating transactions to avoid classification under the IT Act. en-us Wed, 10 Mar 2021 00:00:00 +0530 Fri, 16 Apr 2021 08:55:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406513 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO regarding unexplained cash credit and commission expenses. It emphasized the need to prove the genuineness of transactions and loan repayments. The Revenue's appeal against the CIT(A)'s order was dismissed, as the necessary evidence provided supported the deletion of additions. The Tribunal held that once books of accounts are rejected, no further additions can be made based on those books, affirming the importance of substantiating transactions to avoid classification under the IT Act. Case-Laws Income Tax Wed, 10 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406513