https://www.taxtmi.com/caselaws?id=423759 The Appellate Tribunal allowed the Revenue's appeal, overturning the Ld. CIT(A)'s decision to delete the addition of Rs. 2,00,00,000 as unexplained cash credit. The Tribunal held that the assessee failed to prove the identity, creditworthiness, and genuineness of the transaction adequately, as required by section 68 of the Income Tax Act. The absence of the director of the entity from which the payment was received and insufficient evidence led to the decision to treat the sum as unexplained cash credit, emphasizing the importance of meeting the burden of proof in such cases. en-us Fri, 10 Jun 2022 00:00:00 +0530 Tue, 14 Jun 2022 08:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423759 The Appellate Tribunal allowed the Revenue's appeal, overturning the Ld. CIT(A)'s decision to delete the addition of Rs. 2,00,00,000 as unexplained cash credit. The Tribunal held that the assessee failed to prove the identity, creditworthiness, and genuineness of the transaction adequately, as required by section 68 of the Income Tax Act. The absence of the director of the entity from which the payment was received and insufficient evidence led to the decision to treat the sum as unexplained cash credit, emphasizing the importance of meeting the burden of proof in such cases. Case-Laws Income Tax Fri, 10 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423759