https://www.taxtmi.com/caselaws?id=434728 The Appellate Tribunal ITAT Rajkot condoned a 164-day delay in filing an appeal due to the Covid-19 pandemic. The Tribunal ruled in favor of the assessee, directing the deletion of Rs. 2,29,000/- added by the Assessing Officer for unsecured loans, as the assessee proved the creditworthiness and genuineness of the transactions with depositors. Despite the CIT(A) rejecting the appeal based on lack of creditworthiness, the Tribunal sided with the assessee, emphasizing the satisfactory demonstration of creditworthiness and genuineness. Ultimately, the Tribunal allowed the appeal, acknowledging the assessee's successful establishment of transaction legitimacy and overturning the additions made by the Assessing Officer. en-us Wed, 22 Feb 2023 00:00:00 +0530 Fri, 03 Mar 2023 08:35:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434728 The Appellate Tribunal ITAT Rajkot condoned a 164-day delay in filing an appeal due to the Covid-19 pandemic. The Tribunal ruled in favor of the assessee, directing the deletion of Rs. 2,29,000/- added by the Assessing Officer for unsecured loans, as the assessee proved the creditworthiness and genuineness of the transactions with depositors. Despite the CIT(A) rejecting the appeal based on lack of creditworthiness, the Tribunal sided with the assessee, emphasizing the satisfactory demonstration of creditworthiness and genuineness. Ultimately, the Tribunal allowed the appeal, acknowledging the assessee's successful establishment of transaction legitimacy and overturning the additions made by the Assessing Officer. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434728