https://www.taxtmi.com/caselaws?id=260778 The Tribunal upheld the deletion of unexplained cash credit taxed under section 68 of the Income Tax Act in the consolidated cases of two Assessees. The Appeals by the Revenue challenging the deletion were dismissed, as the Tribunal found that the assessees had met their burden of proof under section 68. The Tribunal noted that the CIT(A) had previously deleted similar additions in other cases with identical facts, and cited legal precedents supporting the genuineness of the loans. The Appeals by the Revenue were dismissed, affirming the CIT(A)'s decision to delete the additions. en-us Thu, 28 Aug 2014 00:00:00 +0530 Tue, 23 Jun 2015 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260778 The Tribunal upheld the deletion of unexplained cash credit taxed under section 68 of the Income Tax Act in the consolidated cases of two Assessees. The Appeals by the Revenue challenging the deletion were dismissed, as the Tribunal found that the assessees had met their burden of proof under section 68. The Tribunal noted that the CIT(A) had previously deleted similar additions in other cases with identical facts, and cited legal precedents supporting the genuineness of the loans. The Appeals by the Revenue were dismissed, affirming the CIT(A)'s decision to delete the additions. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260778