https://www.taxtmi.com/caselaws?id=770003 The ITAT Bangalore allowed the assessee's appeal on two grounds. First, regarding unexplained cash credits under Section 68, the tribunal held that the assessee had discharged its burden by providing financial statements, confirmation letters, ledger copies, and ITRs of the lender, establishing identity, creditworthiness, and genuineness of loan transactions. The onus then shifted to the AO to prove the transaction's non-genuineness, which was not done. Second, concerning excess PF contributions, the tribunal ruled that Rule 87 applies to total salary paid to employees regardless of whether treated as revenue or capital expenditure in books, directing deletion of the addition. en-us Wed, 09 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770003 The ITAT Bangalore allowed the assessee's appeal on two grounds. First, regarding unexplained cash credits under Section 68, the tribunal held that the assessee had discharged its burden by providing financial statements, confirmation letters, ledger copies, and ITRs of the lender, establishing identity, creditworthiness, and genuineness of loan transactions. The onus then shifted to the AO to prove the transaction's non-genuineness, which was not done. Second, concerning excess PF contributions, the tribunal ruled that Rule 87 applies to total salary paid to employees regardless of whether treated as revenue or capital expenditure in books, directing deletion of the addition. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770003