https://www.taxtmi.com/caselaws?id=312797 The ITAT Kolkata allowed the assessee's appeal on two grounds. First, regarding unexplained cash credit under Section 68, the tribunal found that the assessee provided sufficient evidence including PANs, bank statements, ITRs, and share allotment documents. Since both the assessee and subscribers were textile traders where cash transactions are customary, mere cash deposits before cheque issuance didn't prove non-genuine transactions. The addition was based on conjecture without identifying document defects. Second, for Section 14A disallowance, the tribunal restricted it to the exempt income amount of Rs. 1,53,600, following established precedents that disallowance cannot exceed exempt income received. en-us Tue, 22 Aug 2023 00:00:00 +0530 Thu, 07 Mar 2024 19:12:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312797 The ITAT Kolkata allowed the assessee's appeal on two grounds. First, regarding unexplained cash credit under Section 68, the tribunal found that the assessee provided sufficient evidence including PANs, bank statements, ITRs, and share allotment documents. Since both the assessee and subscribers were textile traders where cash transactions are customary, mere cash deposits before cheque issuance didn't prove non-genuine transactions. The addition was based on conjecture without identifying document defects. Second, for Section 14A disallowance, the tribunal restricted it to the exempt income amount of Rs. 1,53,600, following established precedents that disallowance cannot exceed exempt income received. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312797