https://www.taxtmi.com/caselaws?id=461397 The Income Tax Appellate Tribunal ruled in favor of the assessees, deleting additions made under Section 68 of the Income Tax Act. The Tribunal found that the assessees had provided sufficient evidence to explain foreign remittances received from their brother, including bank statements, remittance advices, and donor confirmations. The ITAT emphasized that once assessees provide satisfactory explanation with supporting documentation regarding the nature and source of funds, the burden shifts to Revenue to disprove it. The Tribunal concluded the assessees had successfully rebutted the presumption of unexplained cash credits. en-us Tue, 16 Jul 2013 00:00:00 +0530 Fri, 04 Apr 2025 12:04:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461397 The Income Tax Appellate Tribunal ruled in favor of the assessees, deleting additions made under Section 68 of the Income Tax Act. The Tribunal found that the assessees had provided sufficient evidence to explain foreign remittances received from their brother, including bank statements, remittance advices, and donor confirmations. The ITAT emphasized that once assessees provide satisfactory explanation with supporting documentation regarding the nature and source of funds, the burden shifts to Revenue to disprove it. The Tribunal concluded the assessees had successfully rebutted the presumption of unexplained cash credits. Case-Laws Income Tax Tue, 16 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461397