https://www.taxtmi.com/caselaws?id=310843 The ITAT Ahmedabad upheld the CIT(A)'s decision to delete the addition made under section 68 for cash credit. The assessee successfully discharged the burden of proving the creditor's identity and capacity by providing PAN card, address, confirmation letter, return copy, and bank statement of RSA Marketing. The CIT(A) found that the loan was received through cheques and the creditor's bank statement showed no suspicious cash deposits before issuing cheques. The genuineness of the loan transaction was established. The Revenue failed to present any material evidence to challenge these findings, resulting in dismissal of their appeal. en-us Fri, 16 Oct 2015 00:00:00 +0530 Tue, 21 Nov 2023 20:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310843 The ITAT Ahmedabad upheld the CIT(A)'s decision to delete the addition made under section 68 for cash credit. The assessee successfully discharged the burden of proving the creditor's identity and capacity by providing PAN card, address, confirmation letter, return copy, and bank statement of RSA Marketing. The CIT(A) found that the loan was received through cheques and the creditor's bank statement showed no suspicious cash deposits before issuing cheques. The genuineness of the loan transaction was established. The Revenue failed to present any material evidence to challenge these findings, resulting in dismissal of their appeal. Case-Laws Income Tax Fri, 16 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310843