https://www.taxtmi.com/caselaws?id=418947 The ITAT upheld the addition of Rs. 78,600,000 as unexplained cash credit under Section 68, as the assessee failed to prove the genuineness of the transaction. The appeal for set off of current year's loss and brought forward unabsorbed depreciation against the addition was dismissed, as the provisions did not allow for such set off. The judgment stressed the importance of providing evidence for transaction genuineness and adhering to specific provisions for setting off business losses and depreciation. en-us Wed, 23 Feb 2022 00:00:00 +0530 Mon, 28 Feb 2022 08:34:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418947 The ITAT upheld the addition of Rs. 78,600,000 as unexplained cash credit under Section 68, as the assessee failed to prove the genuineness of the transaction. The appeal for set off of current year's loss and brought forward unabsorbed depreciation against the addition was dismissed, as the provisions did not allow for such set off. The judgment stressed the importance of providing evidence for transaction genuineness and adhering to specific provisions for setting off business losses and depreciation. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418947