https://www.taxtmi.com/caselaws?id=327383 The Tribunal upheld the CIT(A)'s decision to delete a Rs. 2.16 crores addition under Section 68 of the Income Tax Act. The Tribunal found that the assessee had provided substantial evidence to prove the genuineness of transactions and had discharged its burden of proof. The AO's reliance on an inconclusive interim report was deemed insufficient, and the failure to communicate findings to the assessee was against natural justice principles. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition. en-us Mon, 21 Mar 2016 00:00:00 +0530 Tue, 10 May 2016 00:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327383 The Tribunal upheld the CIT(A)'s decision to delete a Rs. 2.16 crores addition under Section 68 of the Income Tax Act. The Tribunal found that the assessee had provided substantial evidence to prove the genuineness of transactions and had discharged its burden of proof. The AO's reliance on an inconclusive interim report was deemed insufficient, and the failure to communicate findings to the assessee was against natural justice principles. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition. Case-Laws Income Tax Mon, 21 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327383