https://www.taxtmi.com/caselaws?id=762928 Kerala HC dismissed Revenue's appeal regarding unexplained cash credits of Rs.3.22 crores and Rs.8.49 crores from Nagaland-based entities. Tribunal found assessee discharged burden of proof by providing PAN cards, Aadhar cards, IT exemption certificates, work orders, property certificates, audited statements, and affidavits establishing loan transactions' genuineness. Banking channel transactions supported genuineness. Court noted Tribunal's reliance on outdated precedent regarding Section 153A assessments without incriminating material, referencing Supreme Court's Abhisar Buildwell judgment that overruled earlier position, but found Revenue not prejudiced by Tribunal's order. en-us Tue, 03 Dec 2024 00:00:00 +0530 Mon, 09 Dec 2024 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762928 Kerala HC dismissed Revenue's appeal regarding unexplained cash credits of Rs.3.22 crores and Rs.8.49 crores from Nagaland-based entities. Tribunal found assessee discharged burden of proof by providing PAN cards, Aadhar cards, IT exemption certificates, work orders, property certificates, audited statements, and affidavits establishing loan transactions' genuineness. Banking channel transactions supported genuineness. Court noted Tribunal's reliance on outdated precedent regarding Section 153A assessments without incriminating material, referencing Supreme Court's Abhisar Buildwell judgment that overruled earlier position, but found Revenue not prejudiced by Tribunal's order. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762928