https://www.taxtmi.com/caselaws?id=183869 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order, which deleted the addition of Rs. 72,66,451 made by the AO. The Tribunal found that the AO failed to provide reliable evidence or properly discharge the burden of proof required under Section 69B of the Income Tax Act. The AO's reliance on market value and inconsistent statements was deemed insufficient, as the direct link between alleged unrecorded consideration and cash deposits was not established. The Tribunal emphasized that the AO's conclusions were based on conjecture without corroborative evidence. en-us Mon, 30 Jun 2008 00:00:00 +0530 Sun, 10 Dec 2023 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183869 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order, which deleted the addition of Rs. 72,66,451 made by the AO. The Tribunal found that the AO failed to provide reliable evidence or properly discharge the burden of proof required under Section 69B of the Income Tax Act. The AO's reliance on market value and inconsistent statements was deemed insufficient, as the direct link between alleged unrecorded consideration and cash deposits was not established. The Tribunal emphasized that the AO's conclusions were based on conjecture without corroborative evidence. Case-Laws Income Tax Mon, 30 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183869