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ITAT ruled against addition under s.68 regarding unexplained cash credits from company directors. Directors made payments to 169 individuals for property acquisition on company's behalf, rather than direct loans to company. Documentation included payment confirmations and proper balance sheet entries showing director liabilities. Tribunal held that assessee discharged burden of proof by demonstrating genuine nature of transactions through third-party confirmations and establishing clear money trail for property purchases. The fact that directors obtained unsecured loans to make these payments did not justify addition under s.68 when supported by comprehensive documentation. Addition made by AO and upheld by CIT(A) was deleted.
ITAT ruled against addition under s.68 regarding unexplained cash credits from company directors. Directors made payments to 169 individuals for property acquisition on company's behalf, rather than direct loans to company. Documentation included payment confirmations and proper balance sheet entries showing director liabilities. Tribunal held that assessee discharged burden of proof by demonstrating genuine nature of transactions through third-party confirmations and establishing clear money trail for property purchases. The fact that directors obtained unsecured loans to make these payments did not justify addition under s.68 when supported by comprehensive documentation. Addition made by AO and upheld by CIT(A) was deleted.
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