https://www.taxtmi.com/caselaws?id=751131 ITAT Chennai upheld CIT(A)'s deletion of addition under section 68 for unexplained cash credits. Assessee received unsecured loans from three entities and established complete chain of fund flow through detailed submissions and ledgers. The loan sources were commissions from group concerns that had surrendered income before ITSC, ensuring taxation at source. CIT(A) found credits were already taxed and covered by settlement application. Revenue's remand report contained mere allegations without controverting these findings. ITAT found no reason to interfere with CIT(A)'s order and decided against revenue. en-us Wed, 03 Apr 2024 00:00:00 +0530 Mon, 08 Apr 2024 08:52:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751131 ITAT Chennai upheld CIT(A)'s deletion of addition under section 68 for unexplained cash credits. Assessee received unsecured loans from three entities and established complete chain of fund flow through detailed submissions and ledgers. The loan sources were commissions from group concerns that had surrendered income before ITSC, ensuring taxation at source. CIT(A) found credits were already taxed and covered by settlement application. Revenue's remand report contained mere allegations without controverting these findings. ITAT found no reason to interfere with CIT(A)'s order and decided against revenue. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751131