https://www.taxtmi.com/caselaws?id=259805 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee by deleting the addition of Rs. 32,50,000/- as unexplained cash credits under section 68 of the Income Tax Act. ITAT found the statements of the directors of the investor companies unreliable and emphasized that the documentary evidence provided by the assessee established the genuineness of the transactions, including the identity of investors and investments made through banking channels. The ITAT concluded that the addition was not sustainable based on the unreliable statements and ordered the deletion of the amount. en-us Wed, 29 Apr 2015 00:00:00 +0530 Fri, 22 May 2015 15:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259805 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee by deleting the addition of Rs. 32,50,000/- as unexplained cash credits under section 68 of the Income Tax Act. ITAT found the statements of the directors of the investor companies unreliable and emphasized that the documentary evidence provided by the assessee established the genuineness of the transactions, including the identity of investors and investments made through banking channels. The ITAT concluded that the addition was not sustainable based on the unreliable statements and ordered the deletion of the amount. Case-Laws Income Tax Wed, 29 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259805