https://www.taxtmi.com/caselaws?id=449304 ITAT Raipur dismissed both assessee and revenue appeals regarding unexplained cash credits under Section 68. The tribunal upheld CIT(A)'s decision to delete additions for some share applicants where the assessee discharged primary onus proving identity, creditworthiness and genuineness, while AO failed to rebut with cogent evidence. However, additions were sustained for two specific applicants due to inadequate proof of creditworthiness and genuineness - one applicant's declared income of Rs. 1.78 lakh contradicted claimed investment of Rs. 18 lakh, while another failed to establish sources for Rs. 1.08 crore investment despite affidavit submission. en-us Tue, 06 Feb 2024 00:00:00 +0530 Thu, 08 Feb 2024 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449304 ITAT Raipur dismissed both assessee and revenue appeals regarding unexplained cash credits under Section 68. The tribunal upheld CIT(A)'s decision to delete additions for some share applicants where the assessee discharged primary onus proving identity, creditworthiness and genuineness, while AO failed to rebut with cogent evidence. However, additions were sustained for two specific applicants due to inadequate proof of creditworthiness and genuineness - one applicant's declared income of Rs. 1.78 lakh contradicted claimed investment of Rs. 18 lakh, while another failed to establish sources for Rs. 1.08 crore investment despite affidavit submission. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449304