https://www.taxtmi.com/caselaws?id=265315 The Tribunal upheld the deletion of the addition under section 68 of the Income-tax Act, ruling in favor of the assessee. The ld. CIT(A) found the company had sufficient funds for the transactions, and the assessee provided evidence including PAN, bank accounts, and balance sheets. The Tribunal emphasized that once the assessee proves creditworthiness, identity of creditors, and genuineness of the transaction, no addition under section 68 is justified. The Tribunal dismissed the Revenue's appeal, citing relevant case laws supporting the decision. en-us Thu, 27 Aug 2015 00:00:00 +0530 Sat, 10 Oct 2015 06:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265315 The Tribunal upheld the deletion of the addition under section 68 of the Income-tax Act, ruling in favor of the assessee. The ld. CIT(A) found the company had sufficient funds for the transactions, and the assessee provided evidence including PAN, bank accounts, and balance sheets. The Tribunal emphasized that once the assessee proves creditworthiness, identity of creditors, and genuineness of the transaction, no addition under section 68 is justified. The Tribunal dismissed the Revenue's appeal, citing relevant case laws supporting the decision. Case-Laws Income Tax Thu, 27 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265315