https://www.taxtmi.com/caselaws?id=757171 The ITAT Rajkot ruled in favor of the assessee on multiple grounds. For unexplained cash credit under section 68, the tribunal held that the assessee had discharged the initial burden by proving the source satisfactorily, shifting the onus to Revenue to prove it was undisclosed income. Regarding loan from a roadlines company, the tribunal found the transaction genuine as it was conducted through proper banking channels with necessary documentation. For account differences with a private limited company, the tribunal deleted the addition as the assessee adequately explained the high sea sale transaction with documentary evidence. en-us Mon, 12 Aug 2024 00:00:00 +0530 Fri, 16 Aug 2024 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757171 The ITAT Rajkot ruled in favor of the assessee on multiple grounds. For unexplained cash credit under section 68, the tribunal held that the assessee had discharged the initial burden by proving the source satisfactorily, shifting the onus to Revenue to prove it was undisclosed income. Regarding loan from a roadlines company, the tribunal found the transaction genuine as it was conducted through proper banking channels with necessary documentation. For account differences with a private limited company, the tribunal deleted the addition as the assessee adequately explained the high sea sale transaction with documentary evidence. Case-Laws Income Tax Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757171