https://www.taxtmi.com/caselaws?id=180776 The court upheld the deletion of the addition under Section 68 of the Income-tax Act, ruling in favor of the assessee. The court found that the assessee had fulfilled its burden of proof regarding the identity and creditworthiness of the creditor, shifting the onus to the revenue to prove the transaction's illegitimacy. The court criticized the AO for insufficient investigation and ordered a fresh examination, emphasizing the need for a thorough inquiry and the opportunity for cross-examination. The matter was remitted back to the AO for further review, with directions to establish a clear link between the bank account and the assessee before making any addition. en-us Wed, 23 Dec 2009 00:00:00 +0530 Wed, 20 Sep 2023 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180776 The court upheld the deletion of the addition under Section 68 of the Income-tax Act, ruling in favor of the assessee. The court found that the assessee had fulfilled its burden of proof regarding the identity and creditworthiness of the creditor, shifting the onus to the revenue to prove the transaction's illegitimacy. The court criticized the AO for insufficient investigation and ordered a fresh examination, emphasizing the need for a thorough inquiry and the opportunity for cross-examination. The matter was remitted back to the AO for further review, with directions to establish a clear link between the bank account and the assessee before making any addition. Case-Laws Income Tax Wed, 23 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180776