https://www.taxtmi.com/caselaws?id=762917 The ITAT Delhi ruled in favor of the assessee on two issues. Regarding addition under section 68 for unexplained cash credits from unsecured loans, the tribunal held that the assessee successfully discharged the burden of proof by providing confirmation, income tax returns, acknowledgements, and bank statements of the creditors during appellate proceedings. The AO made no adverse comments during verification. For addition under section 56(2)(vi)(b)(ii) concerning agricultural land purchase, the tribunal found no evidence that the land constituted a capital asset as required by the statute. Both Revenue additions were deleted by CIT(A) and upheld by ITAT. en-us Fri, 06 Dec 2024 00:00:00 +0530 Mon, 09 Dec 2024 21:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762917 The ITAT Delhi ruled in favor of the assessee on two issues. Regarding addition under section 68 for unexplained cash credits from unsecured loans, the tribunal held that the assessee successfully discharged the burden of proof by providing confirmation, income tax returns, acknowledgements, and bank statements of the creditors during appellate proceedings. The AO made no adverse comments during verification. For addition under section 56(2)(vi)(b)(ii) concerning agricultural land purchase, the tribunal found no evidence that the land constituted a capital asset as required by the statute. Both Revenue additions were deleted by CIT(A) and upheld by ITAT. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762917