https://www.taxtmi.com/caselaws?id=297772 The Tribunal allowed the appeal, overturning the Commissioner of Income Tax (Appeals) decision to add Rs. 85,00,000 under unexplained cash credits. The Tribunal accepted the assessee's explanation that cash withdrawals were used as advances for land purchase, subsequently returned and redeposited. It found a clear link between the withdrawals and deposits, deeming the transactions genuine and supporting the assessee's sufficient cash balance. Consequently, the Tribunal set aside the CIT(A)'s order, deleting the addition and ruling in favor of the assessee. en-us Wed, 25 Jul 2018 00:00:00 +0530 Wed, 22 Sep 2021 06:16:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297772 The Tribunal allowed the appeal, overturning the Commissioner of Income Tax (Appeals) decision to add Rs. 85,00,000 under unexplained cash credits. The Tribunal accepted the assessee's explanation that cash withdrawals were used as advances for land purchase, subsequently returned and redeposited. It found a clear link between the withdrawals and deposits, deeming the transactions genuine and supporting the assessee's sufficient cash balance. Consequently, the Tribunal set aside the CIT(A)'s order, deleting the addition and ruling in favor of the assessee. Case-Laws Income Tax Wed, 25 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297772