https://www.taxtmi.com/caselaws?id=401271 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal challenging the deletion of the addition of Rs. 2,20,00,000 as unexplained cash credit under Section 68 of the Income Tax Act, 1961. It was held that the assessee had proven the genuineness of the transactions and the identity and creditworthiness of the lenders with sufficient evidence, including loan confirmations, PAN numbers, bank statements, and other documents. The Tribunal found that the revenue failed to provide evidence to counter the assessee's claims, leading to the dismissal of the appeal for the assessment year 2013-2014. en-us Fri, 06 Nov 2020 00:00:00 +0530 Thu, 03 Dec 2020 11:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401271 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal challenging the deletion of the addition of Rs. 2,20,00,000 as unexplained cash credit under Section 68 of the Income Tax Act, 1961. It was held that the assessee had proven the genuineness of the transactions and the identity and creditworthiness of the lenders with sufficient evidence, including loan confirmations, PAN numbers, bank statements, and other documents. The Tribunal found that the revenue failed to provide evidence to counter the assessee's claims, leading to the dismissal of the appeal for the assessment year 2013-2014. Case-Laws Income Tax Fri, 06 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401271