https://www.taxtmi.com/caselaws?id=381773 The case involved the addition of unexplained cash credit under section 68 of the Income Tax Act, focusing on the identity and creditworthiness of the lender. The Revenue's appeal challenged the deletion of the addition, emphasizing the lack of independent verification by the Assessing Officer and the onus of proof on the assessee. The Tribunal upheld the CIT (A)'s decision, ruling in favor of the assessee due to proper documentation and compliance, and dismissing the Revenue's appeal for failure to conduct necessary inquiries to refute the assessee's contentions. en-us Tue, 11 Jun 2019 00:00:00 +0530 Wed, 19 Jun 2019 06:50:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381773 The case involved the addition of unexplained cash credit under section 68 of the Income Tax Act, focusing on the identity and creditworthiness of the lender. The Revenue's appeal challenged the deletion of the addition, emphasizing the lack of independent verification by the Assessing Officer and the onus of proof on the assessee. The Tribunal upheld the CIT (A)'s decision, ruling in favor of the assessee due to proper documentation and compliance, and dismissing the Revenue's appeal for failure to conduct necessary inquiries to refute the assessee's contentions. Case-Laws Income Tax Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381773