https://www.taxtmi.com/caselaws?id=438240 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 5,50,00,000/- as unexplained cash credit under Section 68 of the IT Act. It found that the assessee had established the genuineness and creditworthiness of the investor companies, and the Revenue failed to provide sufficient evidence to prove otherwise. As a result, all appeals by the Revenue were dismissed, and the cross-objections by the assessee were deemed infructuous. en-us Tue, 09 May 2023 00:00:00 +0530 Fri, 26 May 2023 08:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438240 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 5,50,00,000/- as unexplained cash credit under Section 68 of the IT Act. It found that the assessee had established the genuineness and creditworthiness of the investor companies, and the Revenue failed to provide sufficient evidence to prove otherwise. As a result, all appeals by the Revenue were dismissed, and the cross-objections by the assessee were deemed infructuous. Case-Laws Income Tax Tue, 09 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438240