https://www.taxtmi.com/caselaws?id=773298 The Tribunal dismissed appeals for AY 2013-14 and 2016-17, upholding additions of Rs.1,37,19,323 and Rs.12,31,760 respectively as unexplained cash credits under Section 68. The assessee-trust failed to establish the three essential requirements: identity, creditworthiness, and genuineness of creditors. Despite submitting lists of creditors, the trust provided no corroborative evidence such as bank statements, PAN details, or income tax returns. The Tribunal found discrepancies between initial and revised creditor lists undermined credibility. Both AO and CIT(A) decisions were confirmed, with the Tribunal holding that mere book entries without supporting documentation cannot discharge the statutory burden under Section 68. en-us Thu, 12 Jun 2025 00:00:00 +0530 Fri, 20 Jun 2025 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773298 The Tribunal dismissed appeals for AY 2013-14 and 2016-17, upholding additions of Rs.1,37,19,323 and Rs.12,31,760 respectively as unexplained cash credits under Section 68. The assessee-trust failed to establish the three essential requirements: identity, creditworthiness, and genuineness of creditors. Despite submitting lists of creditors, the trust provided no corroborative evidence such as bank statements, PAN details, or income tax returns. The Tribunal found discrepancies between initial and revised creditor lists undermined credibility. Both AO and CIT(A) decisions were confirmed, with the Tribunal holding that mere book entries without supporting documentation cannot discharge the statutory burden under Section 68. Case-Laws Income Tax Thu, 12 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773298