https://www.taxtmi.com/caselaws?id=418433 The Tribunal dismissed the Revenue's appeal in ITA No.976/Mum/2020 for A.Y.2014-15, affirming the Commissioner's decision to delete the addition of Rs. 5,69,93,024 under section 69 of the Income Tax Act. The Tribunal found no negative cash balance in the parallel books of accounts for the group, as the on-money reversals were explained as refunds from cash loans separately assessed. The Tribunal upheld the deletion, stating that the Revenue's consideration of on-money receipts without accounting for cash loans led to the misconception of a negative cash balance. The Tribunal concluded that the addition on account of cash outgo was unjustified, given the proper explanation and absence of negative cash balance in the group's accounts. en-us Mon, 29 Nov 2021 00:00:00 +0530 Tue, 15 Feb 2022 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418433 The Tribunal dismissed the Revenue's appeal in ITA No.976/Mum/2020 for A.Y.2014-15, affirming the Commissioner's decision to delete the addition of Rs. 5,69,93,024 under section 69 of the Income Tax Act. The Tribunal found no negative cash balance in the parallel books of accounts for the group, as the on-money reversals were explained as refunds from cash loans separately assessed. The Tribunal upheld the deletion, stating that the Revenue's consideration of on-money receipts without accounting for cash loans led to the misconception of a negative cash balance. The Tribunal concluded that the addition on account of cash outgo was unjustified, given the proper explanation and absence of negative cash balance in the group's accounts. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418433