https://www.taxtmi.com/caselaws?id=456521 The ITAT Kolkata ruled against the assessee on two issues. First, regarding unexplained cash credit under section 68, the tribunal upheld the disallowance of an unsecured loan of Rs. 42,10,000, finding that cash creditors lacked sufficient income sources and one creditor deposited Rs. 10,10,000 immediately before issuing a Rs. 12,10,000 cheque, creating suspicion about the transaction's genuineness. Second, concerning section 54F deduction for residential construction expenditure, the tribunal dismissed the assessee's claim after finding that material suppliers denied transactions and an inspector's inquiry revealed non-genuine bills. en-us Mon, 31 Oct 2022 00:00:00 +0530 Wed, 31 Jul 2024 08:35:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456521 The ITAT Kolkata ruled against the assessee on two issues. First, regarding unexplained cash credit under section 68, the tribunal upheld the disallowance of an unsecured loan of Rs. 42,10,000, finding that cash creditors lacked sufficient income sources and one creditor deposited Rs. 10,10,000 immediately before issuing a Rs. 12,10,000 cheque, creating suspicion about the transaction's genuineness. Second, concerning section 54F deduction for residential construction expenditure, the tribunal dismissed the assessee's claim after finding that material suppliers denied transactions and an inspector's inquiry revealed non-genuine bills. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456521