https://www.taxtmi.com/caselaws?id=767135 ITAT Chennai upheld CIT(A)'s deletion of addition under Section 68 for unexplained cash credit. The assessee received Rs. 2 crores through banking channel as advance for property sale, supported by MoU and witness confirmation. AO failed to establish material infirmities in the transaction or call relevant witnesses. The tribunal found that identity of creditor was established, transaction genuineness was proven through banking records, and creditworthiness was demonstrated. Since all three requirements under Section 68 were satisfied, no addition was warranted. The decision favored the assessee. en-us Wed, 05 Mar 2025 00:00:00 +0530 Tue, 11 Mar 2025 08:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767135 ITAT Chennai upheld CIT(A)'s deletion of addition under Section 68 for unexplained cash credit. The assessee received Rs. 2 crores through banking channel as advance for property sale, supported by MoU and witness confirmation. AO failed to establish material infirmities in the transaction or call relevant witnesses. The tribunal found that identity of creditor was established, transaction genuineness was proven through banking records, and creditworthiness was demonstrated. Since all three requirements under Section 68 were satisfied, no addition was warranted. The decision favored the assessee. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767135