https://www.taxtmi.com/caselaws?id=103870 The Tribunal overturned the decision of the lower authorities and ruled in favor of the assessee, deleting the addition of Rs. 50,000 on account of a loan taken from the creditor. The Tribunal found that the assessee had proven the creditworthiness of the creditor by providing relevant documents, shifting the burden to the Department to challenge the source of the funds. Additionally, the Tribunal noted the timeline of events, indicating that the money was available with the assessee before the loan transaction, and the source of the cash credit in the books was explained as brought forward from the earlier year. en-us Mon, 30 Apr 2001 00:00:00 +0530 Fri, 24 Feb 2012 18:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103870 The Tribunal overturned the decision of the lower authorities and ruled in favor of the assessee, deleting the addition of Rs. 50,000 on account of a loan taken from the creditor. The Tribunal found that the assessee had proven the creditworthiness of the creditor by providing relevant documents, shifting the burden to the Department to challenge the source of the funds. Additionally, the Tribunal noted the timeline of events, indicating that the money was available with the assessee before the loan transaction, and the source of the cash credit in the books was explained as brought forward from the earlier year. Case-Laws Income Tax Mon, 30 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103870