https://www.taxtmi.com/caselaws?id=204982 The Tribunal dismissed both the assessee's and the Revenue's appeals, upholding the CIT(A)'s decision to delete Rs.9,70,000/- and sustain Rs.2,85,000/- of the addition on account of loans, and to delete the addition of Rs.2,00,000/- on account of the gift. The Tribunal emphasized the importance of proving the identity, creditworthiness, and genuineness of transactions to discharge the burden under Section 68 of the Income Tax Act, 1961. en-us Thu, 30 Sep 2010 00:00:00 +0530 Sat, 18 Jun 2011 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204982 The Tribunal dismissed both the assessee's and the Revenue's appeals, upholding the CIT(A)'s decision to delete Rs.9,70,000/- and sustain Rs.2,85,000/- of the addition on account of loans, and to delete the addition of Rs.2,00,000/- on account of the gift. The Tribunal emphasized the importance of proving the identity, creditworthiness, and genuineness of transactions to discharge the burden under Section 68 of the Income Tax Act, 1961. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204982