https://www.taxtmi.com/caselaws?id=311624 The Appellate Tribunal upheld the addition of Rs. 14,00,000 under Section 68 of the Income-Tax Act, 1961, as unexplained cash credits. The assessee failed to establish the identity, genuineness, and creditworthiness of the lender, M/s. Gee Wire Pvt. Ltd., due to the absence of necessary documentation such as PAN details, address proof, loan confirmation, and ITR copy. The lender's removal from the Registrar of Companies records further raised doubts. The Tribunal dismissed the appeal, affirming the decision of the departmental authorities and rejecting the argument regarding the cessation of liability. en-us Thu, 27 Apr 2023 00:00:00 +0530 Thu, 04 Jan 2024 22:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311624 The Appellate Tribunal upheld the addition of Rs. 14,00,000 under Section 68 of the Income-Tax Act, 1961, as unexplained cash credits. The assessee failed to establish the identity, genuineness, and creditworthiness of the lender, M/s. Gee Wire Pvt. Ltd., due to the absence of necessary documentation such as PAN details, address proof, loan confirmation, and ITR copy. The lender's removal from the Registrar of Companies records further raised doubts. The Tribunal dismissed the appeal, affirming the decision of the departmental authorities and rejecting the argument regarding the cessation of liability. Case-Laws Income Tax Thu, 27 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311624