https://www.taxtmi.com/caselaws?id=449551 HC upheld ITAT's deletion of addition under s.68, holding that the Revenue failed to discharge its burden to prove that the cash credits were unexplained. The assessee had disclosed the identities of the creditors, the jewellers to whom old jewellery was sold, and the banking-channel payments. The AO did not doubt these core facts nor conduct any inquiry from the jewellers, relying only on suspicion about the genuineness of the jewellery sale. Since the creditors had demonstrated a plausible source of funds and the deposits with the assessee were undisputed, the Tribunal's findings were treated as findings of fact, immune from interference. The appeal was decided against the Revenue. en-us Thu, 11 Jan 2024 00:00:00 +0530 Tue, 16 Dec 2025 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449551 HC upheld ITAT's deletion of addition under s.68, holding that the Revenue failed to discharge its burden to prove that the cash credits were unexplained. The assessee had disclosed the identities of the creditors, the jewellers to whom old jewellery was sold, and the banking-channel payments. The AO did not doubt these core facts nor conduct any inquiry from the jewellers, relying only on suspicion about the genuineness of the jewellery sale. Since the creditors had demonstrated a plausible source of funds and the deposits with the assessee were undisputed, the Tribunal's findings were treated as findings of fact, immune from interference. The appeal was decided against the Revenue. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449551