https://www.taxtmi.com/caselaws?id=429595 Outcome: The Tribunal allowed the appeal, deleting the addition of Rs.10,00,000 as an unexplained cash credit under Section 68 of the Income-Tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the source of the deposit through evidence, including a confirmation, bank statement, and Aadhar card of the lender. Despite the lender's non-compliance with summons, the Tribunal held that the transaction was legitimate, conducted through a banking channel via an account payee cheque, and that the department failed to prove otherwise. The burden of proof shifted to the department, resulting in the deletion of the addition. en-us Mon, 31 Oct 2022 00:00:00 +0530 Tue, 01 Nov 2022 10:17:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429595 Outcome: The Tribunal allowed the appeal, deleting the addition of Rs.10,00,000 as an unexplained cash credit under Section 68 of the Income-Tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the source of the deposit through evidence, including a confirmation, bank statement, and Aadhar card of the lender. Despite the lender's non-compliance with summons, the Tribunal held that the transaction was legitimate, conducted through a banking channel via an account payee cheque, and that the department failed to prove otherwise. The burden of proof shifted to the department, resulting in the deletion of the addition. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429595