https://www.taxtmi.com/caselaws?id=412009 The Tribunal allowed the appeal in favor of the assessee, deleting the additions made under section 68 for alleged unexplained cash credits. It held that the assessee had sufficiently proved the genuineness of the transactions, while the revenue failed to provide substantial evidence to challenge the same. Relying on legal principles and precedents, the Tribunal emphasized that additions cannot be sustained based on mere doubts or third-party statements. Consequently, the Tribunal deemed the additions unsustainable in law and ruled in favor of the assessee, partially allowing the appeal. en-us Wed, 01 Sep 2021 00:00:00 +0530 Wed, 08 Sep 2021 08:34:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412009 The Tribunal allowed the appeal in favor of the assessee, deleting the additions made under section 68 for alleged unexplained cash credits. It held that the assessee had sufficiently proved the genuineness of the transactions, while the revenue failed to provide substantial evidence to challenge the same. Relying on legal principles and precedents, the Tribunal emphasized that additions cannot be sustained based on mere doubts or third-party statements. Consequently, the Tribunal deemed the additions unsustainable in law and ruled in favor of the assessee, partially allowing the appeal. Case-Laws Income Tax Wed, 01 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412009