ITAT Chennai Deletes ₹6.5 Cr Addition u/s 68 – Assessee Not Required to Explain Source of Source of Source

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Before the ITAT, the assessee submitted documentary evidence including PAN, ITR, bank statements, confirmations and financial statements of entities from whom the investor had borrowed funds. The Tribunal observed that the assessee had established the identity of the investor, creditworthiness and genuineness of the transaction. The AO had traced multiple layers of fund movement & questioned the source of funds of entities beyond the immediate investor, effectively seeking explanation of the “source of source of source.”

Read more at: https://taxguru.in/income-tax/itat-chennai-deletes-6-5-cr-addition-u-s-68-assessee-required-explain-source-source-source.html
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