https://www.taxtmi.com/caselaws?id=766826 ITAT Bangalore upheld CIT(A)'s deletion of addition under Section 68 for unexplained cash credits. The assessee successfully discharged initial onus by disclosing credit sources and furnishing creditor's assessment records, proving the source of funds had been scrutinized. The tribunal held that without further investigation or rebuttal of evidence provided by assessee, any addition would be legally untenable. The assessee satisfactorily explained credit sources, making CIT(A)'s deletion justified. Appeal decided in favor of assessee. en-us Wed, 04 Dec 2024 00:00:00 +0530 Tue, 04 Mar 2025 12:02:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766826 ITAT Bangalore upheld CIT(A)'s deletion of addition under Section 68 for unexplained cash credits. The assessee successfully discharged initial onus by disclosing credit sources and furnishing creditor's assessment records, proving the source of funds had been scrutinized. The tribunal held that without further investigation or rebuttal of evidence provided by assessee, any addition would be legally untenable. The assessee satisfactorily explained credit sources, making CIT(A)'s deletion justified. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766826