https://www.taxtmi.com/caselaws?id=300640 The Tribunal allowed the appeal, directing the deletion of the addition of Rs. 70 lakhs as unexplained cash credit under section 68 of the Income Tax Act for the assessment year 2012-13. The Tribunal found that the appellant had submitted sufficient evidence to support the loans, including confirmations, bank statements, and audited financial statements of the lending parties. It disagreed with the CIT(A)'s decision, noting the reliance on a statement without adequate evidence to discredit the appellant's documents. The Tribunal referenced a similar case and precedent, ultimately ruling in favor of the appellant and overturning the addition. en-us Fri, 22 Feb 2019 00:00:00 +0530 Thu, 17 Feb 2022 07:42:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300640 The Tribunal allowed the appeal, directing the deletion of the addition of Rs. 70 lakhs as unexplained cash credit under section 68 of the Income Tax Act for the assessment year 2012-13. The Tribunal found that the appellant had submitted sufficient evidence to support the loans, including confirmations, bank statements, and audited financial statements of the lending parties. It disagreed with the CIT(A)'s decision, noting the reliance on a statement without adequate evidence to discredit the appellant's documents. The Tribunal referenced a similar case and precedent, ultimately ruling in favor of the appellant and overturning the addition. Case-Laws Income Tax Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300640