https://www.taxtmi.com/caselaws?id=286423 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 1,14,91,500/- as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had successfully proven the identity and creditworthiness of the share applicants and the genuineness of the transactions through documentary evidence. The addition by the Assessing Officer was deemed to be based on suspicion without any contrary material, leading to its deletion. en-us Mon, 01 Jul 2019 00:00:00 +0530 Tue, 25 Feb 2020 17:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286423 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 1,14,91,500/- as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had successfully proven the identity and creditworthiness of the share applicants and the genuineness of the transactions through documentary evidence. The addition by the Assessing Officer was deemed to be based on suspicion without any contrary material, leading to its deletion. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286423