https://www.taxtmi.com/caselaws?id=413370 Addition under unexplained cash credit provisions was deleted where the identity, genuineness and creditworthiness of three creditors were proven. The creditors filed returns with PANs, furnished audited financial statements and bank statements showing loans routed through banking channels; the Assessing Officer s objection about absence of fresh funds in the borrower s books did not negate the recorded transactions in the creditors books. Applying the statutory tests for identity, genuineness and creditworthiness of deposits, the tribunal s deletion was sustained and the appeal was dismissed. en-us Mon, 13 Sep 2021 00:00:00 +0530 Sat, 31 Jan 2026 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413370 Addition under unexplained cash credit provisions was deleted where the identity, genuineness and creditworthiness of three creditors were proven. The creditors filed returns with PANs, furnished audited financial statements and bank statements showing loans routed through banking channels; the Assessing Officer s objection about absence of fresh funds in the borrower s books did not negate the recorded transactions in the creditors books. Applying the statutory tests for identity, genuineness and creditworthiness of deposits, the tribunal s deletion was sustained and the appeal was dismissed. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413370