https://www.taxtmi.com/caselaws?id=59550 The Tribunal concluded that the additions under Section 69 of the IT Act were unjustified, as the Department failed to prove the cash transactions in diaries A-3 and A-5 belonged to the assessee. The presumption under Section 132(4A) was rebuttable, and the assessee demonstrated that the funds belonged to lenders. Consequently, the Tribunal deleted the additions under Section 69 for the assessment years 1993-94, 1994-95, and 1995-96, and dismissed the alternative ground under Section 68. The Rs. 25,000 addition for 1994-95 was not contested and thus rejected. Appeals for 1993-94 and 1995-96 were fully allowed, and 1994-95 was partly allowed. en-us Fri, 23 Sep 2005 00:00:00 +0530 Fri, 12 Apr 2024 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59550 The Tribunal concluded that the additions under Section 69 of the IT Act were unjustified, as the Department failed to prove the cash transactions in diaries A-3 and A-5 belonged to the assessee. The presumption under Section 132(4A) was rebuttable, and the assessee demonstrated that the funds belonged to lenders. Consequently, the Tribunal deleted the additions under Section 69 for the assessment years 1993-94, 1994-95, and 1995-96, and dismissed the alternative ground under Section 68. The Rs. 25,000 addition for 1994-95 was not contested and thus rejected. Appeals for 1993-94 and 1995-96 were fully allowed, and 1994-95 was partly allowed. Case-Laws Income Tax Fri, 23 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59550