https://www.taxtmi.com/caselaws?id=119694 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s order. It concluded that the assessee satisfactorily explained the source of the loans, meeting the onus under sections 68 and 69. The AO failed to provide evidence to refute the claims, and reassessment proceedings against the creditors supported the assessee's case. Judicial discretion must be exercised judiciously, considering the circumstances of each case, which the AO did not do. en-us Tue, 09 Jan 2007 00:00:00 +0530 Thu, 12 Jul 2012 15:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119694 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s order. It concluded that the assessee satisfactorily explained the source of the loans, meeting the onus under sections 68 and 69. The AO failed to provide evidence to refute the claims, and reassessment proceedings against the creditors supported the assessee's case. Judicial discretion must be exercised judiciously, considering the circumstances of each case, which the AO did not do. Case-Laws Income Tax Tue, 09 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119694