https://www.taxtmi.com/caselaws?id=782941 The ITAT Chandigarh deleted the addition u/s 68 made on an outstanding credit in the name of a corporate creditor, holding that the AO's reliance on a clerical spelling variation in the ledger was untenable. The Tribunal found the creditor's identity, creditworthiness and the genuineness of the transaction duly established through PAN, ROC/MCA records, audited financials, confirmations and a complete banking trail, including subsequent repayment via account payee cheques to the same bank account. It held that non-materialisation of an intended sale and non-compliance with summons u/s 131 could not, in the face of unimpeached documentary evidence, justify treating the credit as unexplained. en-us Thu, 27 Nov 2025 00:00:00 +0530 Sat, 06 Dec 2025 08:46:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782941 The ITAT Chandigarh deleted the addition u/s 68 made on an outstanding credit in the name of a corporate creditor, holding that the AO's reliance on a clerical spelling variation in the ledger was untenable. The Tribunal found the creditor's identity, creditworthiness and the genuineness of the transaction duly established through PAN, ROC/MCA records, audited financials, confirmations and a complete banking trail, including subsequent repayment via account payee cheques to the same bank account. It held that non-materialisation of an intended sale and non-compliance with summons u/s 131 could not, in the face of unimpeached documentary evidence, justify treating the credit as unexplained. Case-Laws Income Tax Thu, 27 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782941