https://www.taxtmi.com/caselaws?id=391540 The court set aside the Tribunal's decision and ruled in favor of the assessee, holding that the addition of Rs. 14 lakhs under section 68 of the Income Tax Act was not justified. The court found that the assessee had met the requirements of explaining the nature and source of the credit, establishing the identity of the creditor, genuineness of the transaction, and creditworthiness of the creditor. As the revenue failed to prove any discrepancies, the court concluded that the assessee had fulfilled the obligations under section 68, leading to the appeal being allowed without costs. en-us Wed, 22 Jan 2020 00:00:00 +0530 Thu, 19 Feb 2026 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391540 The court set aside the Tribunal's decision and ruled in favor of the assessee, holding that the addition of Rs. 14 lakhs under section 68 of the Income Tax Act was not justified. The court found that the assessee had met the requirements of explaining the nature and source of the credit, establishing the identity of the creditor, genuineness of the transaction, and creditworthiness of the creditor. As the revenue failed to prove any discrepancies, the court concluded that the assessee had fulfilled the obligations under section 68, leading to the appeal being allowed without costs. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391540