https://www.taxtmi.com/caselaws?id=269075 The Tribunal allowed the revenue's appeal, restoring the matter to the AO for fresh adjudication. The addition of unexplained cash credit u/s 68 from M/s Well Wish Credits Pvt. Ltd. was initially made by the AO but deleted by the CIT(A). However, the department contended that the assessee failed to prove the existence/creditworthiness of creditors and genuineness of transactions adequately. The Tribunal agreed, stressing the need to establish creditworthiness under section 68, hence providing the assessee with another opportunity to substantiate the legitimacy of the transaction. en-us Tue, 06 Oct 2015 00:00:00 +0530 Tue, 17 Nov 2015 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269075 The Tribunal allowed the revenue's appeal, restoring the matter to the AO for fresh adjudication. The addition of unexplained cash credit u/s 68 from M/s Well Wish Credits Pvt. Ltd. was initially made by the AO but deleted by the CIT(A). However, the department contended that the assessee failed to prove the existence/creditworthiness of creditors and genuineness of transactions adequately. The Tribunal agreed, stressing the need to establish creditworthiness under section 68, hence providing the assessee with another opportunity to substantiate the legitimacy of the transaction. Case-Laws Income Tax Tue, 06 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269075