https://www.taxtmi.com/caselaws?id=459716 ITAT Surat set aside CIT(A)'s order deleting addition under Section 68 for unexplained cash credits relating to share capital/premium and unsecured loans. The tribunal found CIT(A) failed to properly examine the source of cash deposits in lenders' bank accounts before loans were given to assessee company. CIT(A)'s finding that credits followed by equivalent debits was insufficient without verifying genuine sources. Matter remitted back to assessing officer for fresh adjudication on merits with direction to assessee to furnish relevant documents proving source of cash deposits. en-us Tue, 31 Jan 2023 00:00:00 +0530 Tue, 24 Dec 2024 20:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459716 ITAT Surat set aside CIT(A)'s order deleting addition under Section 68 for unexplained cash credits relating to share capital/premium and unsecured loans. The tribunal found CIT(A) failed to properly examine the source of cash deposits in lenders' bank accounts before loans were given to assessee company. CIT(A)'s finding that credits followed by equivalent debits was insufficient without verifying genuine sources. Matter remitted back to assessing officer for fresh adjudication on merits with direction to assessee to furnish relevant documents proving source of cash deposits. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459716