https://www.taxtmi.com/caselaws?id=445737 The ITAT Kolkata allowed the assessee's appeal against addition under Section 68 for unexplained cash credit. The assessee successfully proved the identity of the loan creditor (a registered company with PAN that filed income tax returns), genuineness of the transaction (conducted through banking channels with commercial interest rates, subsequent repayment, and proper TDS deduction), and creditworthiness (creditor had sufficient funds). The tribunal found no justification for the AO's invocation of Section 68 provisions, ruling that the assessee had discharged its burden of proof regarding the loan transaction's legitimacy. en-us Thu, 22 Jun 2023 00:00:00 +0530 Mon, 05 Feb 2024 12:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445737 The ITAT Kolkata allowed the assessee's appeal against addition under Section 68 for unexplained cash credit. The assessee successfully proved the identity of the loan creditor (a registered company with PAN that filed income tax returns), genuineness of the transaction (conducted through banking channels with commercial interest rates, subsequent repayment, and proper TDS deduction), and creditworthiness (creditor had sufficient funds). The tribunal found no justification for the AO's invocation of Section 68 provisions, ruling that the assessee had discharged its burden of proof regarding the loan transaction's legitimacy. Case-Laws Income Tax Thu, 22 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445737