https://www.taxtmi.com/caselaws?id=314169 The Tribunal concluded that the addition under Section 68 of the Income Tax Act, concerning unexplained cash credit, was unjustified. The assessee successfully demonstrated the genuineness of the loan transaction through comprehensive documentation, including income tax returns and bank statements. The Tribunal ordered the deletion of the addition and allowed the interest paid on the loan as a deduction under Section 36(1)(iii). Consequently, the assessee's appeal was partly allowed, confirming the invalidity of the re-assessment and the unjustified addition under Section 68. en-us Fri, 10 Jun 2022 00:00:00 +0530 Wed, 22 May 2024 06:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314169 The Tribunal concluded that the addition under Section 68 of the Income Tax Act, concerning unexplained cash credit, was unjustified. The assessee successfully demonstrated the genuineness of the loan transaction through comprehensive documentation, including income tax returns and bank statements. The Tribunal ordered the deletion of the addition and allowed the interest paid on the loan as a deduction under Section 36(1)(iii). Consequently, the assessee's appeal was partly allowed, confirming the invalidity of the re-assessment and the unjustified addition under Section 68. Case-Laws Income Tax Fri, 10 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314169