https://www.taxtmi.com/caselaws?id=273667 The High Court upheld the ITAT's decision to delete the addition of Rs. 5.20 crores under Section 68 of the Income Tax Act for AY 2009-10. The Court found that the Assessee had successfully proven the identity and creditworthiness of the creditors, as well as the genuineness of the transactions. As there was no perversity in the ITAT's order and the Assessee met the burden of proof, the Court dismissed the appeal, stating no substantial question of law arose. The judgment highlights the importance of establishing the credibility of creditors and transactions to avoid tax implications. en-us Fri, 01 Sep 2017 00:00:00 +0530 Mon, 09 Jul 2018 08:20:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273667 The High Court upheld the ITAT's decision to delete the addition of Rs. 5.20 crores under Section 68 of the Income Tax Act for AY 2009-10. The Court found that the Assessee had successfully proven the identity and creditworthiness of the creditors, as well as the genuineness of the transactions. As there was no perversity in the ITAT's order and the Assessee met the burden of proof, the Court dismissed the appeal, stating no substantial question of law arose. The judgment highlights the importance of establishing the credibility of creditors and transactions to avoid tax implications. Case-Laws Income Tax Fri, 01 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273667