https://www.taxtmi.com/caselaws?id=430793 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 as the liabilities were trading liabilities, not unexplained cash credits. It confirmed that Section 43CA, not Section 56(2)(vii), applies to property purchases below market value. The Tribunal dismissed the revenue's argument on the CIT(A)'s powers, stating no basis for further inquiry under Section 41. The appeal of the assessee was allowed. en-us Wed, 09 Nov 2022 00:00:00 +0530 Mon, 28 Nov 2022 09:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430793 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 as the liabilities were trading liabilities, not unexplained cash credits. It confirmed that Section 43CA, not Section 56(2)(vii), applies to property purchases below market value. The Tribunal dismissed the revenue's argument on the CIT(A)'s powers, stating no basis for further inquiry under Section 41. The appeal of the assessee was allowed. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430793