https://www.taxtmi.com/caselaws?id=415489 The Tribunal found in favor of the appellant in challenging the addition of unexplained credits under Section 68 of the Income Tax Act for the assessment year 2005-06. While one transaction was accepted as genuine, loans from other parties were considered unexplained due to insufficient evidence of creditworthiness. The Tribunal criticized the lack of independent inquiries by the Assessing Officer and directed a re-examination of the issue, highlighting procedural flaws. The decision allowed the appeal for statistical purposes, signaling a procedural win for the appellant. en-us Mon, 11 Oct 2021 00:00:00 +0530 Tue, 07 Dec 2021 09:18:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415489 The Tribunal found in favor of the appellant in challenging the addition of unexplained credits under Section 68 of the Income Tax Act for the assessment year 2005-06. While one transaction was accepted as genuine, loans from other parties were considered unexplained due to insufficient evidence of creditworthiness. The Tribunal criticized the lack of independent inquiries by the Assessing Officer and directed a re-examination of the issue, highlighting procedural flaws. The decision allowed the appeal for statistical purposes, signaling a procedural win for the appellant. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415489