https://www.taxtmi.com/caselaws?id=260560 The Tribunal upheld the Commissioner's decision to delete the addition under section 68 of the Act in a case where the genuineness, creditworthiness, and existence of loan creditors were questioned. The Tribunal found the loan transaction of Rs. 50,00,000 to be genuine, supported by RTGS transfers and bank statements, with the lender confirming the loan and providing additional details. Emphasizing transactions through banking channels, the Tribunal confirmed the legitimacy of the loan, establishing the identity of the creditor and the creditworthiness of the assessee. The appeal by the Revenue was partly allowed for statistical purposes, affirming the authenticity of the loan transaction. en-us Wed, 20 May 2015 00:00:00 +0530 Wed, 17 Jun 2015 06:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260560 The Tribunal upheld the Commissioner's decision to delete the addition under section 68 of the Act in a case where the genuineness, creditworthiness, and existence of loan creditors were questioned. The Tribunal found the loan transaction of Rs. 50,00,000 to be genuine, supported by RTGS transfers and bank statements, with the lender confirming the loan and providing additional details. Emphasizing transactions through banking channels, the Tribunal confirmed the legitimacy of the loan, establishing the identity of the creditor and the creditworthiness of the assessee. The appeal by the Revenue was partly allowed for statistical purposes, affirming the authenticity of the loan transaction. Case-Laws Income Tax Wed, 20 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260560