https://www.taxtmi.com/caselaws?id=178725 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 70,00000/- under Section 68 of the IT Act 1961. The Assessing Officer's lack of thorough inquiry and reliance on a general modus operandi of entry operators were criticized. The ITAT found the assessee's explanation and evidence satisfactory in establishing the legitimacy of the funds received. The appeal by the revenue was dismissed due to the failure to provide substantial evidence against the assessee, resulting in the deletion of the addition. en-us Fri, 25 May 2012 00:00:00 +0530 Mon, 19 Jun 2017 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178725 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 70,00000/- under Section 68 of the IT Act 1961. The Assessing Officer's lack of thorough inquiry and reliance on a general modus operandi of entry operators were criticized. The ITAT found the assessee's explanation and evidence satisfactory in establishing the legitimacy of the funds received. The appeal by the revenue was dismissed due to the failure to provide substantial evidence against the assessee, resulting in the deletion of the addition. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178725