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2023 (4) TMI 93 - AT - Income TaxAddition u/s 68 - Unexplained cash credit - Discharge of onus - HELD THAT:- Assessee has produced the details of the creditors before the AO, the creditors have independently confirmed the transaction before the AO and no evidence is found by the AO to disprove the confirmation given by the creditors. Assessee has discharged its burden of proving the identity, creditworthiness and genuineness of the transaction in respect of the loan from six creditors - The addition as made by the AO and confirmed by the CIT(A) stands deleted. Appeal filed by the assessee stands allowed.
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