https://www.taxtmi.com/caselaws?id=294526 The Tribunal overturned the CIT(A)'s decision, ruling in favor of the assessee. The Tribunal found that the assessee had sufficiently proven the legitimacy of the loan transaction and the source of the loan amount. Consequently, the addition of the undisclosed loan as unexplained income under section 68 of the Income-tax Act, 1961 was deleted. en-us Tue, 16 Apr 2019 00:00:00 +0530 Mon, 19 Apr 2021 20:45:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294526 The Tribunal overturned the CIT(A)'s decision, ruling in favor of the assessee. The Tribunal found that the assessee had sufficiently proven the legitimacy of the loan transaction and the source of the loan amount. Consequently, the addition of the undisclosed loan as unexplained income under section 68 of the Income-tax Act, 1961 was deleted. Case-Laws Income Tax Tue, 16 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294526