https://www.taxtmi.com/caselaws?id=434344 The Tribunal upheld the deletion of the addition of unexplained cash credit under section 68 of the Income Tax Act, as the genuineness of the transactions was established through continuous loan accounts. Additionally, the Tribunal supported the CIT(A)'s reasonable estimation of disallowance of expenses at 40% based on revenue and expense patterns, preventing the carrying forward of losses. Both Revenue's appeals and Assessee's cross-objection were dismissed, affirming the CIT(A)'s decisions. en-us Tue, 21 Feb 2023 00:00:00 +0530 Wed, 22 Feb 2023 08:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434344 The Tribunal upheld the deletion of the addition of unexplained cash credit under section 68 of the Income Tax Act, as the genuineness of the transactions was established through continuous loan accounts. Additionally, the Tribunal supported the CIT(A)'s reasonable estimation of disallowance of expenses at 40% based on revenue and expense patterns, preventing the carrying forward of losses. Both Revenue's appeals and Assessee's cross-objection were dismissed, affirming the CIT(A)'s decisions. Case-Laws Income Tax Tue, 21 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434344