https://www.taxtmi.com/caselaws?id=413023 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee by concluding that the identity, creditworthiness, and genuineness of the transactions were substantiated. The ITAT agreed that the first proviso to Section 68 was not applicable for A.Y 2010-11 and that the amounts received from the shareholder companies could not be assessed as unexplained cash credit. Consequently, the appeal of the Revenue challenging the deletion of Rs. 3,25,00,000 as unexplained cash credit under Section 68 of the Income Tax Act, 1961 was dismissed. en-us Fri, 30 Jul 2021 00:00:00 +0530 Mon, 04 Oct 2021 08:56:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413023 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee by concluding that the identity, creditworthiness, and genuineness of the transactions were substantiated. The ITAT agreed that the first proviso to Section 68 was not applicable for A.Y 2010-11 and that the amounts received from the shareholder companies could not be assessed as unexplained cash credit. Consequently, the appeal of the Revenue challenging the deletion of Rs. 3,25,00,000 as unexplained cash credit under Section 68 of the Income Tax Act, 1961 was dismissed. Case-Laws Income Tax Fri, 30 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413023