https://www.taxtmi.com/caselaws?id=426496 The Tribunal partly allowed the Revenue's appeal, upholding the addition of unexplained cash credit under Section 68 while dismissing the disallowance of expenditure. The Tribunal found that the assessee failed to establish the creditworthiness and genuineness of unsecured loans adequately, leading to the allowance of the addition under Section 68. However, the Tribunal agreed with the CIT(A) that the expenditure disallowance was incorrect as the business had commenced, resulting in the dismissal of this issue in favor of the assessee. en-us Wed, 20 Jul 2022 00:00:00 +0530 Thu, 18 Aug 2022 08:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426496 The Tribunal partly allowed the Revenue's appeal, upholding the addition of unexplained cash credit under Section 68 while dismissing the disallowance of expenditure. The Tribunal found that the assessee failed to establish the creditworthiness and genuineness of unsecured loans adequately, leading to the allowance of the addition under Section 68. However, the Tribunal agreed with the CIT(A) that the expenditure disallowance was incorrect as the business had commenced, resulting in the dismissal of this issue in favor of the assessee. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426496