https://www.taxtmi.com/caselaws?id=401410 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal and affirming the deletion of the Section 68 addition of unexplained cash credits. The assessee successfully proved the identity, creditworthiness, and genuineness of the share applicants through comprehensive evidence, leading to the conclusion that the addition was unwarranted. The Tribunal referenced a Gujarat High Court decision supporting such deletions when the basic onus is established by the assessee. Therefore, the Revenue's appeal was dismissed, and the CIT(A)'s decision stood, as pronounced on 22.10.2020. en-us Thu, 22 Oct 2020 00:00:00 +0530 Mon, 07 Dec 2020 10:12:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401410 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal and affirming the deletion of the Section 68 addition of unexplained cash credits. The assessee successfully proved the identity, creditworthiness, and genuineness of the share applicants through comprehensive evidence, leading to the conclusion that the addition was unwarranted. The Tribunal referenced a Gujarat High Court decision supporting such deletions when the basic onus is established by the assessee. Therefore, the Revenue's appeal was dismissed, and the CIT(A)'s decision stood, as pronounced on 22.10.2020. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401410