https://www.taxtmi.com/caselaws?id=756211 The ITAT Amritsar allowed the assessee's appeal regarding unexplained credits in books of account. The AO and CIT(A) had alleged that amounts received by the assessee were not genuine sale consideration. The ITAT held that the assessee adequately proved the buyer's identity, creditworthiness, and transaction genuineness through bank statements showing regular crore deposits. The tribunal ruled that proving the source of cash credit's source was not legally required. The department could investigate the buyer separately if concerned. The addition was deleted and the appeal was allowed. en-us Fri, 26 Jul 2024 00:00:00 +0530 Tue, 30 Jul 2024 08:10:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756211 The ITAT Amritsar allowed the assessee's appeal regarding unexplained credits in books of account. The AO and CIT(A) had alleged that amounts received by the assessee were not genuine sale consideration. The ITAT held that the assessee adequately proved the buyer's identity, creditworthiness, and transaction genuineness through bank statements showing regular crore deposits. The tribunal ruled that proving the source of cash credit's source was not legally required. The department could investigate the buyer separately if concerned. The addition was deleted and the appeal was allowed. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756211