https://www.taxtmi.com/caselaws?id=283554 The court dismissed the appeal, affirming the ITAT's decision to set aside the addition of Rs. 3.85 crores under Section 68 of the Income Tax Act. It held that the assessee had adequately proven the identity and genuineness of the transactions through bank accounts and supporting documents, rejecting the revenue's argument of insufficiency in establishing creditworthiness. The court emphasized the assessee's fulfillment of the initial burden under Section 68 and upheld the deletion of the addition based on established facts. en-us Wed, 24 Aug 2016 00:00:00 +0530 Sat, 28 Sep 2019 14:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283554 The court dismissed the appeal, affirming the ITAT's decision to set aside the addition of Rs. 3.85 crores under Section 68 of the Income Tax Act. It held that the assessee had adequately proven the identity and genuineness of the transactions through bank accounts and supporting documents, rejecting the revenue's argument of insufficiency in establishing creditworthiness. The court emphasized the assessee's fulfillment of the initial burden under Section 68 and upheld the deletion of the addition based on established facts. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283554