https://www.taxtmi.com/caselaws?id=773627 ITAT Delhi dismissed revenue's appeal regarding addition under section 68 for unexplained cash credits. The assessee successfully established identity, genuineness, and creditworthiness of loan transactions by providing lender details and bank statements. CIT(A) correctly held that once these three ingredients were proven, burden shifted to AO to disprove the transactions. Since revenue failed to provide contrary evidence and AO could not establish that lenders lacked sufficient funds, section 68 was inapplicable and addition was deleted. en-us Tue, 03 Dec 2024 00:00:00 +0530 Thu, 26 Jun 2025 08:35:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773627 ITAT Delhi dismissed revenue's appeal regarding addition under section 68 for unexplained cash credits. The assessee successfully established identity, genuineness, and creditworthiness of loan transactions by providing lender details and bank statements. CIT(A) correctly held that once these three ingredients were proven, burden shifted to AO to disprove the transactions. Since revenue failed to provide contrary evidence and AO could not establish that lenders lacked sufficient funds, section 68 was inapplicable and addition was deleted. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773627