https://www.taxtmi.com/caselaws?id=327488 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the Assessee, overturning the addition of Rs. 5,00,000 made by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals) (CIT(A)). The ITAT found that the Assessee had successfully established the identity, source, and genuineness of the loan transaction, meeting the burden of proof required under Section 68 of the Income Tax Act, 1961. As the Department failed to provide contrary evidence, the ITAT deemed the addition unwarranted and deleted it based on established legal precedents. en-us Mon, 04 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 00:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327488 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the Assessee, overturning the addition of Rs. 5,00,000 made by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals) (CIT(A)). The ITAT found that the Assessee had successfully established the identity, source, and genuineness of the loan transaction, meeting the burden of proof required under Section 68 of the Income Tax Act, 1961. As the Department failed to provide contrary evidence, the ITAT deemed the addition unwarranted and deleted it based on established legal precedents. Case-Laws Income Tax Mon, 04 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327488