https://www.taxtmi.com/caselaws?id=269460 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 20 lakhs made by the Assessing Officer under Section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee had provided sufficient evidence to prove the identity, creditworthiness, and genuineness of the transactions, shifting the burden of proof to the AO. The Tribunal emphasized that the AO's conclusions were based on suspicion rather than concrete evidence, leading to the dismissal of the Revenue's appeal. en-us Fri, 27 Nov 2015 00:00:00 +0530 Mon, 14 Dec 2015 23:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269460 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 20 lakhs made by the Assessing Officer under Section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee had provided sufficient evidence to prove the identity, creditworthiness, and genuineness of the transactions, shifting the burden of proof to the AO. The Tribunal emphasized that the AO's conclusions were based on suspicion rather than concrete evidence, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 27 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269460