Tribunal Supports Assessee in Section 68 Case; Deletes Additions After Assessing Evidence on Cash Credit Validity.

Tribunal Supports Assessee in Section 68 Case; Deletes Additions After Assessing Evidence on Cash Credit Validity. https://www.taxtmi.com/highlights?id=59813 Unexplained cash credit - unsecured loan u/s 68 - The assessee has limited means to call for elaborate information required by AO. Looking to the list of documents filed by the assessee to explain the cash credit we find that nothing more could have been possible for assessee to explain the identity and creditworthiness of the cash creditors and genuineness of the transactions. - Additions deleted - AT en-us Fri, 24 Sep 2021 12:21:03 +0530 Fri, 24 Sep 2021 12:21:03 +0530 TaxTMI RSS Generator Tribunal Supports Assessee in Section 68 Case; Deletes Additions After Assessing Evidence on Cash Credit Validity. https://www.taxtmi.com/highlights?id=59813 Unexplained cash credit - unsecured loan u/s 68 - The assessee has limited means to call for elaborate information required by AO. Looking to the list of documents filed by the assessee to explain the cash credit we find that nothing more could have been possible for assessee to explain the identity and creditworthiness of the cash creditors and genuineness of the transactions. - Additions deleted - AT Highlights Income Tax Fri, 24 Sep 2021 12:21:03 +0530 https://www.taxtmi.com/highlights?id=59813