https://www.taxtmi.com/caselaws?id=426540 The tribunal partly allowed the appeal, deleting some additions made under Sections 41(1), 68, and 69 of the Income Tax Act. The additions under Section 41(1) were deleted as the debts were acknowledged in the balance sheet, and the cessation of liability was not legally established. For Section 68, the addition related to a discrepancy in the cash book opening balance was upheld, while the additions for unexplained cash credit and cash book entry dates were deleted or remitted back to the AO for reconciliation. Under Section 69, the addition for unexplained investment in house construction was reduced and remitted back to the AO for reconsideration. The issue of interest under Sections 234B and 234C was not specifically addressed. en-us Tue, 19 Jul 2022 00:00:00 +0530 Sat, 20 Aug 2022 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426540 The tribunal partly allowed the appeal, deleting some additions made under Sections 41(1), 68, and 69 of the Income Tax Act. The additions under Section 41(1) were deleted as the debts were acknowledged in the balance sheet, and the cessation of liability was not legally established. For Section 68, the addition related to a discrepancy in the cash book opening balance was upheld, while the additions for unexplained cash credit and cash book entry dates were deleted or remitted back to the AO for reconciliation. Under Section 69, the addition for unexplained investment in house construction was reduced and remitted back to the AO for reconsideration. The issue of interest under Sections 234B and 234C was not specifically addressed. Case-Laws Income Tax Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426540