https://www.taxtmi.com/caselaws?id=436510 The Revenue appealed against the Commissioner of Income Tax (Appeals) decision to partially allow the appeal, deleting a significant portion of the addition of unexplained loans/advances made by the assessee. The court upheld the CIT(A)'s findings, emphasizing the assessee's sufficient explanation for the deposits under Section 68 of the Income-tax Act. The court dismissed the Revenue's appeal, highlighting the importance of substantiating financial transactions and the burden of proof in tax assessments. en-us Thu, 13 Apr 2023 00:00:00 +0530 Fri, 14 Apr 2023 09:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436510 The Revenue appealed against the Commissioner of Income Tax (Appeals) decision to partially allow the appeal, deleting a significant portion of the addition of unexplained loans/advances made by the assessee. The court upheld the CIT(A)'s findings, emphasizing the assessee's sufficient explanation for the deposits under Section 68 of the Income-tax Act. The court dismissed the Revenue's appeal, highlighting the importance of substantiating financial transactions and the burden of proof in tax assessments. Case-Laws Income Tax Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436510