https://www.taxtmi.com/caselaws?id=325401 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 21.88 crores made by the AO under Section 68 of the Income-tax Act, 1961. The Tribunal found that the reconciliation provided by the assessee was supported by evidence, and there was no discrepancy in the balances between the assessee and RSIC. The AO's reliance on RSIC's CFO statement without allowing cross-examination was noted as a procedural lapse. The appeal by the revenue was dismissed, concluding that the addition was unjustified due to lack of evidence and procedural irregularities. en-us Wed, 03 Feb 2016 00:00:00 +0530 Fri, 18 Mar 2016 08:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325401 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 21.88 crores made by the AO under Section 68 of the Income-tax Act, 1961. The Tribunal found that the reconciliation provided by the assessee was supported by evidence, and there was no discrepancy in the balances between the assessee and RSIC. The AO's reliance on RSIC's CFO statement without allowing cross-examination was noted as a procedural lapse. The appeal by the revenue was dismissed, concluding that the addition was unjustified due to lack of evidence and procedural irregularities. Case-Laws Income Tax Wed, 03 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325401