https://www.taxtmi.com/caselaws?id=433907 The Tribunal allowed all appeals filed by the Revenue regarding the deletion of additions under Section 68 of the Income Tax Act, 1961 for unexplained cash credits. The Tribunal found that the CIT(A) failed to establish the investment's relation to the business adequately, leading to the incorrect deletion of additions. It was determined that the CIT(A) wrongly assumed the business as shroffs business without proper substantiation, and the lack of genuineness and creditworthiness in transactions supported the Revenue's appeal. As a result, the Revenue's appeals were allowed across multiple assessment years. en-us Fri, 10 Feb 2023 00:00:00 +0530 Mon, 13 Feb 2023 09:41:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433907 The Tribunal allowed all appeals filed by the Revenue regarding the deletion of additions under Section 68 of the Income Tax Act, 1961 for unexplained cash credits. The Tribunal found that the CIT(A) failed to establish the investment's relation to the business adequately, leading to the incorrect deletion of additions. It was determined that the CIT(A) wrongly assumed the business as shroffs business without proper substantiation, and the lack of genuineness and creditworthiness in transactions supported the Revenue's appeal. As a result, the Revenue's appeals were allowed across multiple assessment years. Case-Laws Income Tax Fri, 10 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433907