https://www.taxtmi.com/caselaws?id=260670 The Tribunal overturned the addition of Rs. 3.30 lakh as unexplained cash credits under Section 68 of the Income Tax Act, ruling in favor of the appellant. It found that the creditor's identity, genuineness, and creditworthiness were adequately established through documentary evidence and statements. The Tribunal emphasized that the creditor's agricultural income was a legitimate source for the loan, rejecting the lower authorities' decision. The appeal was allowed, and the addition to the assessee's income was annulled. en-us Tue, 09 Jun 2015 00:00:00 +0530 Sat, 20 Jun 2015 05:50:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260670 The Tribunal overturned the addition of Rs. 3.30 lakh as unexplained cash credits under Section 68 of the Income Tax Act, ruling in favor of the appellant. It found that the creditor's identity, genuineness, and creditworthiness were adequately established through documentary evidence and statements. The Tribunal emphasized that the creditor's agricultural income was a legitimate source for the loan, rejecting the lower authorities' decision. The appeal was allowed, and the addition to the assessee's income was annulled. Case-Laws Income Tax Tue, 09 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260670