https://www.taxtmi.com/caselaws?id=174656 The ITAT Chandigarh partly allowed the Revenue's appeal, reversing the deletion of Rs. 42,90,000 as unexplained cash credit under section 68 of the Income-tax Act. The burden of proof regarding the loans' genuineness was not satisfactorily discharged by the assessee, leading to doubts about the transactions. While one creditor's addition was upheld, the loan from another creditor was supported by accepted agricultural income, resulting in the dismissal of the appeal concerning that creditor. The decision was pronounced on 30th September 2011. en-us Fri, 30 Sep 2011 00:00:00 +0530 Wed, 14 Oct 2015 10:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174656 The ITAT Chandigarh partly allowed the Revenue's appeal, reversing the deletion of Rs. 42,90,000 as unexplained cash credit under section 68 of the Income-tax Act. The burden of proof regarding the loans' genuineness was not satisfactorily discharged by the assessee, leading to doubts about the transactions. While one creditor's addition was upheld, the loan from another creditor was supported by accepted agricultural income, resulting in the dismissal of the appeal concerning that creditor. The decision was pronounced on 30th September 2011. Case-Laws Income Tax Fri, 30 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174656