https://www.taxtmi.com/caselaws?id=350196 The Tribunal concluded that the addition of Rs. 573 lakhs as unexplained cash credit under Section 68 of the Income Tax Act was not justified as the assessee had sufficiently demonstrated the genuineness and creditworthiness of the creditors. Consequently, the related disallowance of interest expenses amounting to Rs. 38,37,603 was also deleted since the principal addition under Section 68 was overturned. The Tribunal emphasized the importance of documentary evidence in proving the legitimacy of transactions and clarified the burden of proof under Section 68. en-us Thu, 26 Oct 2017 00:00:00 +0530 Wed, 01 Nov 2017 14:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350196 The Tribunal concluded that the addition of Rs. 573 lakhs as unexplained cash credit under Section 68 of the Income Tax Act was not justified as the assessee had sufficiently demonstrated the genuineness and creditworthiness of the creditors. Consequently, the related disallowance of interest expenses amounting to Rs. 38,37,603 was also deleted since the principal addition under Section 68 was overturned. The Tribunal emphasized the importance of documentary evidence in proving the legitimacy of transactions and clarified the burden of proof under Section 68. Case-Laws Income Tax Thu, 26 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350196