https://www.taxtmi.com/caselaws?id=404892 The Tribunal allowed the appeal of the Assessee, setting aside the addition of Rs. 1,11,28,000 made under Section 68. The Tribunal found that the Assessee had adequately proven the identity, creditworthiness, and genuineness of the transactions, emphasizing that the loans were utilized for charitable purposes. The Tribunal also considered the timing of the loans, taken within 2-3 months of constituting the society, as reasonable given the limited income generation during that period. en-us Tue, 02 Mar 2021 00:00:00 +0530 Tue, 27 Apr 2021 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404892 The Tribunal allowed the appeal of the Assessee, setting aside the addition of Rs. 1,11,28,000 made under Section 68. The Tribunal found that the Assessee had adequately proven the identity, creditworthiness, and genuineness of the transactions, emphasizing that the loans were utilized for charitable purposes. The Tribunal also considered the timing of the loans, taken within 2-3 months of constituting the society, as reasonable given the limited income generation during that period. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404892