https://www.taxtmi.com/caselaws?id=314422 ITAT Ahmedabad upheld CIT(A)'s deletion of addition u/s 68 for unexplained cash credits from unsecured loans. AO added amount as assessee allegedly failed to establish creditors' identity, creditworthiness, and transaction genuineness. CIT(A) found assessee provided sufficient documentary evidence including PAN, ITR-V copies, ROC forms, confirmation letters, affidavits, and bank statements showing RTGS transfers. ITAT held commission report cannot override documentary evidence without specific defects being identified. Revenue failed to disprove materials submitted by assessee and used third-party statements without providing cross-examination opportunity. Decision favored assessee. en-us Mon, 16 Oct 2023 00:00:00 +0530 Fri, 07 Jun 2024 20:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314422 ITAT Ahmedabad upheld CIT(A)'s deletion of addition u/s 68 for unexplained cash credits from unsecured loans. AO added amount as assessee allegedly failed to establish creditors' identity, creditworthiness, and transaction genuineness. CIT(A) found assessee provided sufficient documentary evidence including PAN, ITR-V copies, ROC forms, confirmation letters, affidavits, and bank statements showing RTGS transfers. ITAT held commission report cannot override documentary evidence without specific defects being identified. Revenue failed to disprove materials submitted by assessee and used third-party statements without providing cross-examination opportunity. Decision favored assessee. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314422