https://www.taxtmi.com/caselaws?id=762733 ITAT Ahmedabad allowed the assessee's appeal against addition under section 68 for unexplained cash credit. The tribunal held that section 68 was not applicable as the assessee established the identity and creditworthiness of the lender (parent company providing CSR funds), the purpose of funds was established, and requisite approvals under section 12AB were subsequently obtained. The lender did not claim deduction for the amount and no evidence showed funds flowed back to the lender. CIT(Appeals) erred in confirming section 68 applicability. en-us Wed, 04 Dec 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762733 ITAT Ahmedabad allowed the assessee's appeal against addition under section 68 for unexplained cash credit. The tribunal held that section 68 was not applicable as the assessee established the identity and creditworthiness of the lender (parent company providing CSR funds), the purpose of funds was established, and requisite approvals under section 12AB were subsequently obtained. The lender did not claim deduction for the amount and no evidence showed funds flowed back to the lender. CIT(Appeals) erred in confirming section 68 applicability. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762733