https://www.taxtmi.com/caselaws?id=407200 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 4,00,000 as unexplained cash credit under section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had successfully established the identity, creditworthiness, and genuineness of the gifts received from unrelated donors engaged in business, supported by account payee cheques and declarations. Despite doubts raised by the Assessing Officer and Commissioner of Income Tax (Appeals), the Tribunal held that the authorities were unjustified in treating the gifts as unexplained cash credit, ultimately allowing the appeal of the assessee. en-us Fri, 30 Apr 2021 00:00:00 +0530 Mon, 03 May 2021 08:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407200 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 4,00,000 as unexplained cash credit under section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had successfully established the identity, creditworthiness, and genuineness of the gifts received from unrelated donors engaged in business, supported by account payee cheques and declarations. Despite doubts raised by the Assessing Officer and Commissioner of Income Tax (Appeals), the Tribunal held that the authorities were unjustified in treating the gifts as unexplained cash credit, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407200