https://www.taxtmi.com/caselaws?id=270114 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the addition of Rs. 10,55,000 under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee provided sufficient evidence to establish the identity, genuineness, and creditworthiness of the transactions, while the Assessing Officer failed to conduct an independent inquiry. Relying on precedent, the Tribunal dismissed the Revenue's appeal, emphasizing that no addition could be made under Section 68 if the assessee had provided all material evidence. The appeal was dismissed on 18th December 2015. en-us Fri, 18 Dec 2015 00:00:00 +0530 Tue, 29 Dec 2015 01:48:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270114 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the addition of Rs. 10,55,000 under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee provided sufficient evidence to establish the identity, genuineness, and creditworthiness of the transactions, while the Assessing Officer failed to conduct an independent inquiry. Relying on precedent, the Tribunal dismissed the Revenue's appeal, emphasizing that no addition could be made under Section 68 if the assessee had provided all material evidence. The appeal was dismissed on 18th December 2015. Case-Laws Income Tax Fri, 18 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270114