https://www.taxtmi.com/caselaws?id=55023 The appeal by the Revenue challenging the deletion of an addition for unexplained silver deposits and interest was dismissed. The court upheld the decision of the CIT(A) as the absence of a written agreement did not invalidate the transactions, considering it a common practice in the silver business. The lenders' credibility was supported by affidavits and confirmation letters, with no evidence contradicting their statements. The rejection of the explanation by the AO was deemed unjustified, emphasizing the importance of thorough assessments before treating transactions as undisclosed income. en-us Fri, 31 Oct 2003 00:00:00 +0530 Tue, 23 Nov 2010 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55023 The appeal by the Revenue challenging the deletion of an addition for unexplained silver deposits and interest was dismissed. The court upheld the decision of the CIT(A) as the absence of a written agreement did not invalidate the transactions, considering it a common practice in the silver business. The lenders' credibility was supported by affidavits and confirmation letters, with no evidence contradicting their statements. The rejection of the explanation by the AO was deemed unjustified, emphasizing the importance of thorough assessments before treating transactions as undisclosed income. Case-Laws Income Tax Fri, 31 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55023