https://www.taxtmi.com/caselaws?id=757110 The ITAT allowed the appeal, overturning the decision of the ld. CIT(A) and directing the AO to delete the addition of Rs. 26,79,000 as unexplained money under section 68 of the Act. The ITAT found that the assessee had adequately justified the source of the cash deposits with proper documentation, and the AO failed to substantiate doubts regarding the creditworthiness of the loan parties with concrete evidence. The ITAT emphasized the necessity for the AO to objectively assess the material provided by the assessee. Consequently, the addition was deemed unwarranted, and the appeal was allowed in favor of the assessee. en-us Mon, 29 Jul 2024 00:00:00 +0530 Fri, 16 Aug 2024 08:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757110 The ITAT allowed the appeal, overturning the decision of the ld. CIT(A) and directing the AO to delete the addition of Rs. 26,79,000 as unexplained money under section 68 of the Act. The ITAT found that the assessee had adequately justified the source of the cash deposits with proper documentation, and the AO failed to substantiate doubts regarding the creditworthiness of the loan parties with concrete evidence. The ITAT emphasized the necessity for the AO to objectively assess the material provided by the assessee. Consequently, the addition was deemed unwarranted, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757110