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2022 (9) TMI 234 - AT - Income TaxUnexplained cash credit u/s 68 - Whether assessee proved identity and creditworthiness of the investors and genuineness of the transaction? - CIT-A deleted the addition as observed that AO could not find any document or material acceptable or which could not be explained and assessee had discharged its onus to prove the identity, creditworthiness of all the investors and genuineness of the transaction - HELD THAT:- AO himself noted that the assessee had produced all the details and evidences before him as were called upon by him and even the director of the assessee company and that of investors personally appeared before him who were subjected to examination/cross-examination. AO without pointing out any discrepancy in the evidences furnished by the assessee simply made a one line observation that the assessee had failed to justify the primary source etc. of capital raised. In view of the above discussion, we do not find any infirmity in the order of the CIT(A). This grounds of appeal of the Revenue is hereby dismissed. Revenue contended that as per the provisions of section 68 any explanation offered by the assessee company shall be deemed to be not satisfactory, unless such explanation in the opinion of the AO has been found to be satisfactory - The above ground of the appeal of the Revenue does not have any basis. There is no such legal provision u/s 68 of the Act. In view of this, we do not find any infirmity in the order of the CIT(A) and the same is upheld. The appeal of the Revenue is hereby dismissed.
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