https://www.taxtmi.com/caselaws?id=760144 The ITAT Chennai upheld the CIT(A)'s deletion of additions made for unexplained cash credits/loan transactions. The assessee successfully discharged the onus by establishing lender identity, creditworthiness, and transaction genuineness through banking channels, TDS deductions, lender confirmations, and complete documentation. The AO rejected claims without cogent reasons, conducted no independent enquiries under section 133(6), and failed to investigate during assessment or remand proceedings. Once the assessee provided requisite documents, the onus shifted to the AO to controvert the evidence. The tribunal ruled in favor of the assessee against the revenue. en-us Wed, 09 Oct 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760144 The ITAT Chennai upheld the CIT(A)'s deletion of additions made for unexplained cash credits/loan transactions. The assessee successfully discharged the onus by establishing lender identity, creditworthiness, and transaction genuineness through banking channels, TDS deductions, lender confirmations, and complete documentation. The AO rejected claims without cogent reasons, conducted no independent enquiries under section 133(6), and failed to investigate during assessment or remand proceedings. Once the assessee provided requisite documents, the onus shifted to the AO to controvert the evidence. The tribunal ruled in favor of the assessee against the revenue. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760144