https://www.taxtmi.com/caselaws?id=297633 The appellant challenged the re-opening of assessment under section 147 of the Income-tax Act, 1961 but later withdrew the challenge. The addition of Rs. 10,16,300 under section 68 of the Act was contested by the appellant, who explained that the cash deposits were from legitimate sources. The Tribunal accepted the explanation, deleting the addition. However, the disallowance of Rs. 1,77,218 from claimed expenditure was upheld due to lack of supporting evidence. Ultimately, the appeal was partly allowed, with the addition under section 68 being deleted, and the disallowance of expenditure being upheld. en-us Fri, 05 Apr 2019 00:00:00 +0530 Wed, 15 Sep 2021 08:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297633 The appellant challenged the re-opening of assessment under section 147 of the Income-tax Act, 1961 but later withdrew the challenge. The addition of Rs. 10,16,300 under section 68 of the Act was contested by the appellant, who explained that the cash deposits were from legitimate sources. The Tribunal accepted the explanation, deleting the addition. However, the disallowance of Rs. 1,77,218 from claimed expenditure was upheld due to lack of supporting evidence. Ultimately, the appeal was partly allowed, with the addition under section 68 being deleted, and the disallowance of expenditure being upheld. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297633