https://www.taxtmi.com/caselaws?id=375091 The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition of Rs. 1,18,49,567 under section 68 of the Income Tax Act for the assessment year 2013-14. The Tribunal found that the assessee had provided sufficient documentary evidence establishing the identity, genuineness, and creditworthiness of the loan transaction, conducted through legitimate banking channels. The Tribunal concluded that the addition under section 68 was unwarranted, as the nature and source of credit were adequately explained, and the loan was deemed legitimate based on the lender's financial standing and compliance with TDS deductions. en-us Tue, 12 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375091 The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition of Rs. 1,18,49,567 under section 68 of the Income Tax Act for the assessment year 2013-14. The Tribunal found that the assessee had provided sufficient documentary evidence establishing the identity, genuineness, and creditworthiness of the loan transaction, conducted through legitimate banking channels. The Tribunal concluded that the addition under section 68 was unwarranted, as the nature and source of credit were adequately explained, and the loan was deemed legitimate based on the lender's financial standing and compliance with TDS deductions. Case-Laws Income Tax Tue, 12 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375091