https://www.taxtmi.com/caselaws?id=458142 ITAT Kolkata allowed the assessee's appeal against additions under section 68 for unexplained cash credits and disallowance of interest payments. The Tribunal found that the assessee successfully proved the identity, creditworthiness of cash creditors, and genuineness of transactions through sufficient evidence including PAN details, bank statements, financial statements, and income tax returns. The CIT(A)'s confirmation of additions based on wrong/missing PAN was overturned. Following precedent in Parwati Lakh Udyog case, both the section 68 addition and interest disallowance were deleted as the nature and source of cash credits were satisfactorily explained. en-us Tue, 02 Jul 2024 00:00:00 +0530 Wed, 09 Oct 2024 20:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458142 ITAT Kolkata allowed the assessee's appeal against additions under section 68 for unexplained cash credits and disallowance of interest payments. The Tribunal found that the assessee successfully proved the identity, creditworthiness of cash creditors, and genuineness of transactions through sufficient evidence including PAN details, bank statements, financial statements, and income tax returns. The CIT(A)'s confirmation of additions based on wrong/missing PAN was overturned. Following precedent in Parwati Lakh Udyog case, both the section 68 addition and interest disallowance were deleted as the nature and source of cash credits were satisfactorily explained. Case-Laws Income Tax Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458142