https://www.taxtmi.com/caselaws?id=30689 The High Court upheld the Tribunal's decision in favor of the assessee regarding the addition of Rs. 3,38,000 under section 68 of the Income-tax Act and interest thereon for the assessment year 1990-91. The Court found the explanation provided by the assessee regarding the deposits satisfactory, ruling that the source and genuineness of the funds were proven. Additionally, the High Court supported the Tribunal's decision to admit additional information under rule 29 of the Income-tax (Appellate Tribunal) Rules, 1963, dismissing the Revenue's appeal without awarding costs to either party. en-us Tue, 31 Jul 2007 00:00:00 +0530 Tue, 14 Jun 2011 04:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30689 The High Court upheld the Tribunal's decision in favor of the assessee regarding the addition of Rs. 3,38,000 under section 68 of the Income-tax Act and interest thereon for the assessment year 1990-91. The Court found the explanation provided by the assessee regarding the deposits satisfactory, ruling that the source and genuineness of the funds were proven. Additionally, the High Court supported the Tribunal's decision to admit additional information under rule 29 of the Income-tax (Appellate Tribunal) Rules, 1963, dismissing the Revenue's appeal without awarding costs to either party. Case-Laws Income Tax Tue, 31 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30689