https://www.taxtmi.com/caselaws?id=467130 Addition under section 68 challenged as unexplained cash credit was sustained by ITAT on the ground that the AO had relevant material to form a reason to believe at reopening and the assessee failed to discharge the burden to satisfactorily explain the credit; the Tribunal applied the tests for reopening and for assessing disputed receipts, emphasising surrounding circumstances, contemporaneous evidence, timing and modality of transfers, struck-off/non-filer status of the alleged creditor and inconsistencies in confirmations, and concluded the receipt represented unexplained/undeclared money, upholding the addition in favour of Revenue. en-us Fri, 21 Feb 2025 00:00:00 +0530 Fri, 06 Mar 2026 20:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467130 Addition under section 68 challenged as unexplained cash credit was sustained by ITAT on the ground that the AO had relevant material to form a reason to believe at reopening and the assessee failed to discharge the burden to satisfactorily explain the credit; the Tribunal applied the tests for reopening and for assessing disputed receipts, emphasising surrounding circumstances, contemporaneous evidence, timing and modality of transfers, struck-off/non-filer status of the alleged creditor and inconsistencies in confirmations, and concluded the receipt represented unexplained/undeclared money, upholding the addition in favour of Revenue. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467130