https://www.taxtmi.com/caselaws?id=249480 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving the deletion of Rs. 13,50,000/- added as unexplained unsecured loans under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had adequately proven the identity, genuineness, and creditworthiness of the loan creditors. As the loans were received through cheques and the creditors had disclosed them in their tax returns, the Tribunal dismissed the Revenue's appeal, affirming the Commissioner's order. en-us Fri, 04 Jul 2014 00:00:00 +0530 Tue, 15 Jul 2014 07:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249480 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving the deletion of Rs. 13,50,000/- added as unexplained unsecured loans under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had adequately proven the identity, genuineness, and creditworthiness of the loan creditors. As the loans were received through cheques and the creditors had disclosed them in their tax returns, the Tribunal dismissed the Revenue's appeal, affirming the Commissioner's order. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249480