https://www.taxtmi.com/caselaws?id=408494 The appeal was filed against the order confirming additions made by the Assessing Officer to the returned income, totaling Rs. 91,59,000. The Assessing Officer treated advances as cash credits under Section 68 of the Income Tax Act, adding Rs. 75,59,000 to the income. The Tribunal allowed the appeal, noting the genuineness, creditworthiness, and identity of the transactions were established. The Tribunal also acknowledged the confirmation of income received from clients and directed the Assessing Officer to provide proper consequential benefits regarding interest charges under Section 234A&B. The appeal was partly allowed, emphasizing the need for appropriate relief. en-us Mon, 05 Apr 2021 00:00:00 +0530 Sat, 12 Jun 2021 08:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408494 The appeal was filed against the order confirming additions made by the Assessing Officer to the returned income, totaling Rs. 91,59,000. The Assessing Officer treated advances as cash credits under Section 68 of the Income Tax Act, adding Rs. 75,59,000 to the income. The Tribunal allowed the appeal, noting the genuineness, creditworthiness, and identity of the transactions were established. The Tribunal also acknowledged the confirmation of income received from clients and directed the Assessing Officer to provide proper consequential benefits regarding interest charges under Section 234A&B. The appeal was partly allowed, emphasizing the need for appropriate relief. Case-Laws Income Tax Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408494