https://www.taxtmi.com/caselaws?id=330231 The Appellate Tribunal upheld the CIT(A)'s decision to partly sustain the addition under section 68 of the Income Tax Act. The Tribunal found discrepancies in the explanations provided by the depositors and noted inconsistencies in the creditors' statements and affidavits. Despite establishing the identity of the creditors, the assessee failed to prove their creditworthiness. The Tribunal concluded that the explanations provided were unsatisfactory, justifying the addition under section 68. en-us Mon, 04 Jul 2016 00:00:00 +0530 Wed, 20 Jul 2016 13:29:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330231 The Appellate Tribunal upheld the CIT(A)'s decision to partly sustain the addition under section 68 of the Income Tax Act. The Tribunal found discrepancies in the explanations provided by the depositors and noted inconsistencies in the creditors' statements and affidavits. Despite establishing the identity of the creditors, the assessee failed to prove their creditworthiness. The Tribunal concluded that the explanations provided were unsatisfactory, justifying the addition under section 68. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330231