https://www.taxtmi.com/caselaws?id=450189 HC upheld ITAT's decision deleting additions made under Section 68 for unexplained cash credits against an assessee involved in securities scam. ITAT found satisfactory explanations for cash credits from various parties through evidence of interest payments and repayments. Court agreed ITAT correctly deleted addition for interest expenditure on securities, noting AO failed to examine underlying vouchers and made conclusions without proper verification. Addition for negative balance of securities was also properly deleted as revenue failed to provide basis for stock statement preparation. en-us Wed, 21 Feb 2024 00:00:00 +0530 Thu, 29 Feb 2024 07:55:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450189 HC upheld ITAT's decision deleting additions made under Section 68 for unexplained cash credits against an assessee involved in securities scam. ITAT found satisfactory explanations for cash credits from various parties through evidence of interest payments and repayments. Court agreed ITAT correctly deleted addition for interest expenditure on securities, noting AO failed to examine underlying vouchers and made conclusions without proper verification. Addition for negative balance of securities was also properly deleted as revenue failed to provide basis for stock statement preparation. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450189