https://www.taxtmi.com/caselaws?id=763233 The ITAT Nagpur dismissed the Revenue's appeal regarding addition under section 68 for unexplained cash credit. The assessee company provided comprehensive documentation including PAN details, MOA/AOA, audit reports, balance sheets, bank statements, share application forms, and board resolutions. All transactions were conducted through proper banking channels and reflected in audited books without adverse remarks. The AO made additions based solely on third-party statements from unrelated cases without providing the assessee opportunity for cross-examination or supplying copies of adverse material. The ITAT held that the AO failed to bring contrary evidence negating the legal evidence provided by the assessee and dismissed valid documentation without concrete reasons, violating principles of natural justice. en-us Fri, 06 Dec 2024 00:00:00 +0530 Mon, 16 Dec 2024 08:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763233 The ITAT Nagpur dismissed the Revenue's appeal regarding addition under section 68 for unexplained cash credit. The assessee company provided comprehensive documentation including PAN details, MOA/AOA, audit reports, balance sheets, bank statements, share application forms, and board resolutions. All transactions were conducted through proper banking channels and reflected in audited books without adverse remarks. The AO made additions based solely on third-party statements from unrelated cases without providing the assessee opportunity for cross-examination or supplying copies of adverse material. The ITAT held that the AO failed to bring contrary evidence negating the legal evidence provided by the assessee and dismissed valid documentation without concrete reasons, violating principles of natural justice. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763233