https://www.taxtmi.com/caselaws?id=461163 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 1,59,26,716/- to the assessee's income. The Tribunal found the Assessing Officer's (AO) decision unjustified, as it was based on assumptions and lacked corroborative evidence. The AO relied on speculative calculations regarding unexplained cash sales during the demonetization period, without identifying discrepancies in the assessee's financial records. The judgment reinforced that additions under Section 68 of the Income Tax Act must be based on tangible evidence, not presumptions. en-us Thu, 14 Dec 2023 00:00:00 +0530 Tue, 18 Mar 2025 19:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461163 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 1,59,26,716/- to the assessee's income. The Tribunal found the Assessing Officer's (AO) decision unjustified, as it was based on assumptions and lacked corroborative evidence. The AO relied on speculative calculations regarding unexplained cash sales during the demonetization period, without identifying discrepancies in the assessee's financial records. The judgment reinforced that additions under Section 68 of the Income Tax Act must be based on tangible evidence, not presumptions. Case-Laws Income Tax Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461163