https://www.taxtmi.com/caselaws?id=765212 The Tribunal held that the addition of Rs. 36.50 Lacs to the assessee's income under Section 68 of the Income Tax Act was justified due to insufficient evidence of the creditors' creditworthiness. Despite transactions occurring through banking channels, the assessee failed to prove the financial standing of the creditors, with some creditors showing petty income compared to the loans advanced. The Tribunal rejected the assessee's arguments and remanded the issue back to the Assessing Officer for fresh consideration, allowing the assessee another opportunity to substantiate the creditworthiness of the creditors. en-us Tue, 03 Dec 2024 00:00:00 +0530 Tue, 28 Jan 2025 08:24:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765212 The Tribunal held that the addition of Rs. 36.50 Lacs to the assessee's income under Section 68 of the Income Tax Act was justified due to insufficient evidence of the creditors' creditworthiness. Despite transactions occurring through banking channels, the assessee failed to prove the financial standing of the creditors, with some creditors showing petty income compared to the loans advanced. The Tribunal rejected the assessee's arguments and remanded the issue back to the Assessing Officer for fresh consideration, allowing the assessee another opportunity to substantiate the creditworthiness of the creditors. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765212