https://www.taxtmi.com/caselaws?id=247622 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s decision to delete Rs. 12 lakhs added as unexplained credits in the assessee's income. The Tribunal emphasized the importance of establishing the genuineness and creditworthiness of creditors. The assessee provided creditor confirmations and banking details, shifting the burden to the AO to prove the loans' lack of genuineness, which the AO failed to do. Consequently, the Tribunal upheld the deletion of the Rs. 12 lakhs addition, affirming the genuineness of the loans and dismissing the Revenue's appeal. en-us Wed, 07 May 2014 00:00:00 +0530 Sat, 17 May 2014 09:11:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247622 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s decision to delete Rs. 12 lakhs added as unexplained credits in the assessee's income. The Tribunal emphasized the importance of establishing the genuineness and creditworthiness of creditors. The assessee provided creditor confirmations and banking details, shifting the burden to the AO to prove the loans' lack of genuineness, which the AO failed to do. Consequently, the Tribunal upheld the deletion of the Rs. 12 lakhs addition, affirming the genuineness of the loans and dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 07 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247622