https://www.taxtmi.com/caselaws?id=410694 The Tribunal allowed the appeal, emphasizing the importance of accurate classification under the Income Tax Act and the necessity of substantial evidence to disprove suspicions and support claims in legal proceedings. The Assessing Officer's error in making an addition under the wrong section led to the deletion of the addition of Rs. 3.45 lacs as unexplained credits. The appellant's active participation in providing concrete evidence, including ledger accounts and confirmations, successfully established the genuineness of the transactions, resulting in the deletion of the disputed additions. en-us Wed, 07 Jul 2021 00:00:00 +0530 Sat, 07 Aug 2021 08:50:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410694 The Tribunal allowed the appeal, emphasizing the importance of accurate classification under the Income Tax Act and the necessity of substantial evidence to disprove suspicions and support claims in legal proceedings. The Assessing Officer's error in making an addition under the wrong section led to the deletion of the addition of Rs. 3.45 lacs as unexplained credits. The appellant's active participation in providing concrete evidence, including ledger accounts and confirmations, successfully established the genuineness of the transactions, resulting in the deletion of the disputed additions. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410694