https://www.taxtmi.com/caselaws?id=462400 The Tribunal upheld CIT(A)'s deletion of Rs. 1.50 crore addition under Section 68 for unexplained cash credit. The assessee successfully proved identity, genuineness and creditworthiness of lender through documentary evidence including confirmations, ITRs, and bank statements tracing funds through multiple layers. The Tribunal rejected Revenue's circular transaction argument, holding that creditworthiness cannot be strictly correlated with returned income alone and must be assessed based on overall facts. The assessee discharged the burden under Section 68 by adequately establishing the source of unsecured loan with proper documentation. en-us Mon, 30 Dec 2024 00:00:00 +0530 Thu, 19 Jun 2025 18:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462400 The Tribunal upheld CIT(A)'s deletion of Rs. 1.50 crore addition under Section 68 for unexplained cash credit. The assessee successfully proved identity, genuineness and creditworthiness of lender through documentary evidence including confirmations, ITRs, and bank statements tracing funds through multiple layers. The Tribunal rejected Revenue's circular transaction argument, holding that creditworthiness cannot be strictly correlated with returned income alone and must be assessed based on overall facts. The assessee discharged the burden under Section 68 by adequately establishing the source of unsecured loan with proper documentation. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462400