https://www.taxtmi.com/caselaws?id=353079 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee, deleting the addition of Rs. 13,03,000/- made under section 68 for loans treated as unexplained cash credits. The ITAT concluded that the authorities below unjustifiably treated the loans as unexplained based on flimsy grounds and irrelevant application of human probabilities. The decision was based on the satisfactory discharge of the onus by the assessee in proving the identity, capacity, and genuineness of the loan transactions through substantial documentary evidence. en-us Fri, 22 Dec 2017 00:00:00 +0530 Wed, 27 Dec 2017 10:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353079 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee, deleting the addition of Rs. 13,03,000/- made under section 68 for loans treated as unexplained cash credits. The ITAT concluded that the authorities below unjustifiably treated the loans as unexplained based on flimsy grounds and irrelevant application of human probabilities. The decision was based on the satisfactory discharge of the onus by the assessee in proving the identity, capacity, and genuineness of the loan transactions through substantial documentary evidence. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353079