https://www.taxtmi.com/caselaws?id=433015 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal and allowing the assessee's Cross Objection. The addition of Rs. 2 Crores under Section 68 of the Income Tax Act as unexplained cash credit was deleted. The assessee satisfactorily proved the nature and source of the loan, including the source of the source, through documentation such as Income-tax Returns, Confirmation Letters, and Bank Statements. The Tribunal found the AO's approach of questioning the creditworthiness without verifying the creditors' returns to be incorrect, emphasizing the assessee's discharge of the burden of proof. en-us Wed, 04 Jan 2023 00:00:00 +0530 Thu, 19 Jan 2023 08:38:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433015 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal and allowing the assessee's Cross Objection. The addition of Rs. 2 Crores under Section 68 of the Income Tax Act as unexplained cash credit was deleted. The assessee satisfactorily proved the nature and source of the loan, including the source of the source, through documentation such as Income-tax Returns, Confirmation Letters, and Bank Statements. The Tribunal found the AO's approach of questioning the creditworthiness without verifying the creditors' returns to be incorrect, emphasizing the assessee's discharge of the burden of proof. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433015