https://www.taxtmi.com/caselaws?id=405590 The Income Tax Appellate Tribunal (ITAT) upheld the deletion of an addition of Rs. 3.59 crores as unexplained cash credit under section 68 of the Income Tax Act. The ITAT agreed with the Commissioner of Income Tax (Appeals) (CIT (A)) that the assessee had provided adequate evidence to establish the genuineness of the transactions. Additionally, the ITAT dismissed the cross-objection challenging the validity of the reassessment proceedings initiated under section 147, as it became irrelevant after the main issue was decided in favor of the assessee. The appeal by the Revenue was dismissed, and the order was pronounced in Ahmedabad on 22/02/2021. en-us Mon, 22 Feb 2021 00:00:00 +0530 Wed, 24 Mar 2021 09:05:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405590 The Income Tax Appellate Tribunal (ITAT) upheld the deletion of an addition of Rs. 3.59 crores as unexplained cash credit under section 68 of the Income Tax Act. The ITAT agreed with the Commissioner of Income Tax (Appeals) (CIT (A)) that the assessee had provided adequate evidence to establish the genuineness of the transactions. Additionally, the ITAT dismissed the cross-objection challenging the validity of the reassessment proceedings initiated under section 147, as it became irrelevant after the main issue was decided in favor of the assessee. The appeal by the Revenue was dismissed, and the order was pronounced in Ahmedabad on 22/02/2021. Case-Laws Income Tax Mon, 22 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405590