https://www.taxtmi.com/caselaws?id=261874 The Tribunal allowed the appeals in ITA Nos. 2314/13 and 2315/13, deleting the additions made by the Assessing Officer under Section 68 of the Income Tax Act. It concluded that the transactions were genuine, and the creditworthiness of the creditors was adequately demonstrated. The Tribunal held that the assessees had proven the identity, genuineness, and creditworthiness of the creditor, shifting the burden to the Revenue to disprove the creditor's capacity, which was not substantiated with concrete evidence. en-us Fri, 19 Jun 2015 00:00:00 +0530 Sat, 25 Jul 2015 09:59:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261874 The Tribunal allowed the appeals in ITA Nos. 2314/13 and 2315/13, deleting the additions made by the Assessing Officer under Section 68 of the Income Tax Act. It concluded that the transactions were genuine, and the creditworthiness of the creditors was adequately demonstrated. The Tribunal held that the assessees had proven the identity, genuineness, and creditworthiness of the creditor, shifting the burden to the Revenue to disprove the creditor's capacity, which was not substantiated with concrete evidence. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261874