https://www.taxtmi.com/caselaws?id=418721 The Tribunal allowed the appeal of the individual assessee, overturning the additions of Rs. 3 lakhs from a Hindu Undivided Family (HUF) and Rs. 5 lakhs from the assessee's brother under section 68 of the Income Tax Act 1961. The Tribunal found that the assessee adequately substantiated the transactions, highlighting the failure of the Assessing Officer and CIT(A) to consider the HUF's past savings and income. As a result, the additions were deleted, emphasizing the importance of assessing the source of funds in such cases. en-us Mon, 13 Dec 2021 00:00:00 +0530 Wed, 23 Feb 2022 08:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418721 The Tribunal allowed the appeal of the individual assessee, overturning the additions of Rs. 3 lakhs from a Hindu Undivided Family (HUF) and Rs. 5 lakhs from the assessee's brother under section 68 of the Income Tax Act 1961. The Tribunal found that the assessee adequately substantiated the transactions, highlighting the failure of the Assessing Officer and CIT(A) to consider the HUF's past savings and income. As a result, the additions were deleted, emphasizing the importance of assessing the source of funds in such cases. Case-Laws Income Tax Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418721