https://www.taxtmi.com/caselaws?id=339823 The Tribunal allowed the appeal, deleting the addition of Rs. 27,00,000 as unexplained cash credit under section 68 of the Income Tax Act. The Tribunal found that the assessee had proven the identity, creditworthiness, and genuineness of the transactions with evidence from bank statements and income tax returns of the lenders. Since the depositors had sufficient funds in their bank accounts and the transactions were conducted through banking channels, the Tribunal concluded that the addition made by the AO and upheld by the ld. CIT(A) was not justified. en-us Wed, 01 Feb 2017 00:00:00 +0530 Wed, 08 Mar 2017 06:58:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339823 The Tribunal allowed the appeal, deleting the addition of Rs. 27,00,000 as unexplained cash credit under section 68 of the Income Tax Act. The Tribunal found that the assessee had proven the identity, creditworthiness, and genuineness of the transactions with evidence from bank statements and income tax returns of the lenders. Since the depositors had sufficient funds in their bank accounts and the transactions were conducted through banking channels, the Tribunal concluded that the addition made by the AO and upheld by the ld. CIT(A) was not justified. Case-Laws Income Tax Wed, 01 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339823