https://www.taxtmi.com/caselaws?id=266976 The ITAT allowed the appeal, overturning the addition of Rs. 3,57,17,506/- to the closing balance of creditors. The ITAT found the AO's suspicion unjustified as genuine purchases and payments were acknowledged. The ITAT emphasized the lack of proper evidence and procedural fairness in the AO's actions, citing the need for confrontation and cross-examination. The decision highlighted the importance of substantiated claims and adherence to principles of natural justice. en-us Wed, 30 Sep 2015 00:00:00 +0530 Wed, 28 Oct 2015 13:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266976 The ITAT allowed the appeal, overturning the addition of Rs. 3,57,17,506/- to the closing balance of creditors. The ITAT found the AO's suspicion unjustified as genuine purchases and payments were acknowledged. The ITAT emphasized the lack of proper evidence and procedural fairness in the AO's actions, citing the need for confrontation and cross-examination. The decision highlighted the importance of substantiated claims and adherence to principles of natural justice. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266976