https://www.taxtmi.com/caselaws?id=212090 The ITAT Mumbai upheld CIT(A)'s decision deleting major additions made by AO for unexplained cash credits. The tribunal held that the assessee discharged its burden by establishing identity, creditworthiness, and genuineness of transactions, shifting onus to revenue which failed to discharge it. AO cannot ignore submitted evidence and make arbitrary additions. CIT(A) correctly excluded opening balances from earlier years. However, regarding advances by non-resident creditor, matter was remanded to AO for verification and speaking order since assessment order lacked findings on assessee's claim about non-resident's tax status in India. en-us Fri, 30 Mar 2012 00:00:00 +0530 Thu, 12 Jun 2025 11:31:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212090 The ITAT Mumbai upheld CIT(A)'s decision deleting major additions made by AO for unexplained cash credits. The tribunal held that the assessee discharged its burden by establishing identity, creditworthiness, and genuineness of transactions, shifting onus to revenue which failed to discharge it. AO cannot ignore submitted evidence and make arbitrary additions. CIT(A) correctly excluded opening balances from earlier years. However, regarding advances by non-resident creditor, matter was remanded to AO for verification and speaking order since assessment order lacked findings on assessee's claim about non-resident's tax status in India. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212090