https://www.taxtmi.com/caselaws?id=269214 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) to delete the addition of Rs. 3.80 crores as unexplained cash credit under Section 68. The ITAT found that the Assessing Officer's reliance on inadmissible statements without allowing cross-examination was unjustified. The ITAT emphasized that the assessee had provided substantial documentation proving the genuineness of the transactions, meeting the burden of proof under Section 68. Additionally, the ITAT ruled that the reopening of the case for verification purposes was impermissible under the law, leading to the dismissal of the Revenue's appeal. en-us Tue, 20 Oct 2015 00:00:00 +0530 Thu, 10 Dec 2015 08:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269214 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) to delete the addition of Rs. 3.80 crores as unexplained cash credit under Section 68. The ITAT found that the Assessing Officer's reliance on inadmissible statements without allowing cross-examination was unjustified. The ITAT emphasized that the assessee had provided substantial documentation proving the genuineness of the transactions, meeting the burden of proof under Section 68. Additionally, the ITAT ruled that the reopening of the case for verification purposes was impermissible under the law, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 20 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269214