https://www.taxtmi.com/caselaws?id=444165 The Tribunal set aside the CIT(A) order that deleted the addition of Rs. 3,98,98,500 as unexplained cash credit, upholding the AO's decision. The assessee failed to provide sufficient evidence to prove the genuineness of the loan transaction as required under Section 68 of the Income Tax Act. Despite multiple opportunities, the assessee could not establish the identity, creditworthiness of the creditor, or the genuineness of the transaction. Consequently, the Tribunal allowed the revenue's appeal, affirming the AO's addition. en-us Tue, 06 Jun 2023 00:00:00 +0530 Wed, 11 Oct 2023 08:40:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444165 The Tribunal set aside the CIT(A) order that deleted the addition of Rs. 3,98,98,500 as unexplained cash credit, upholding the AO's decision. The assessee failed to provide sufficient evidence to prove the genuineness of the loan transaction as required under Section 68 of the Income Tax Act. Despite multiple opportunities, the assessee could not establish the identity, creditworthiness of the creditor, or the genuineness of the transaction. Consequently, the Tribunal allowed the revenue's appeal, affirming the AO's addition. Case-Laws Income Tax Tue, 06 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444165