https://www.taxtmi.com/caselaws?id=380584 The Revenue's appeal contesting the deletion of additions towards unexplained cash credits under section 68 of the Income Tax Act was dismissed. The tribunal upheld the deletion, emphasizing the assessee's provision of substantial evidence to prove the legitimacy of transactions and highlighting the insufficiency of mere denials by concerned parties as grounds for additions. The assessee's cross-objection challenging an addition under section 143(3) was dismissed as the tribunal ruled in favor of the assessee on the main issue. The assessment for the AY 2014-15 concluded with the deletion of additions, as the tribunal found the Revenue had not discharged the onus to prove unexplained cash credits. en-us Thu, 16 May 2019 00:00:00 +0530 Fri, 24 May 2019 12:07:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380584 The Revenue's appeal contesting the deletion of additions towards unexplained cash credits under section 68 of the Income Tax Act was dismissed. The tribunal upheld the deletion, emphasizing the assessee's provision of substantial evidence to prove the legitimacy of transactions and highlighting the insufficiency of mere denials by concerned parties as grounds for additions. The assessee's cross-objection challenging an addition under section 143(3) was dismissed as the tribunal ruled in favor of the assessee on the main issue. The assessment for the AY 2014-15 concluded with the deletion of additions, as the tribunal found the Revenue had not discharged the onus to prove unexplained cash credits. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380584