https://www.taxtmi.com/caselaws?id=466309 Addition under unexplained credits challenged on basis that assessee failed to prove identity, genuineness and creditworthiness of lenders; tribunal found the assessee discharged the onus by proving identity, genuineness and creditworthiness for three transactions received from close relatives, with transfers routed through banking channels, and held that any tax consequence arising from those receipts, if at all, would lie in the hands of the respective lenders who are independently assessed to tax. Appeal against the additions was allowed and the impugned unexplained credits were not sustained against the assessee. en-us Fri, 28 Feb 2025 00:00:00 +0530 Sun, 01 Feb 2026 19:07:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466309 Addition under unexplained credits challenged on basis that assessee failed to prove identity, genuineness and creditworthiness of lenders; tribunal found the assessee discharged the onus by proving identity, genuineness and creditworthiness for three transactions received from close relatives, with transfers routed through banking channels, and held that any tax consequence arising from those receipts, if at all, would lie in the hands of the respective lenders who are independently assessed to tax. Appeal against the additions was allowed and the impugned unexplained credits were not sustained against the assessee. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466309