https://www.taxtmi.com/caselaws?id=330352 The Tribunal allowed the appeal, deleting the addition of Rs. 46,00,000 under Section 68 of the Income Tax Act. It found that the assessee had proven the genuineness of the loan transaction and the creditworthiness of the lender, criticizing the Assessing Officer for procedural lapses. The Tribunal held that the AO failed to provide evidence to the assessee or allow cross-examination, ultimately concluding that the addition was unwarranted. en-us Mon, 13 Jun 2016 00:00:00 +0530 Sat, 23 Jul 2016 18:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330352 The Tribunal allowed the appeal, deleting the addition of Rs. 46,00,000 under Section 68 of the Income Tax Act. It found that the assessee had proven the genuineness of the loan transaction and the creditworthiness of the lender, criticizing the Assessing Officer for procedural lapses. The Tribunal held that the AO failed to provide evidence to the assessee or allow cross-examination, ultimately concluding that the addition was unwarranted. Case-Laws Income Tax Mon, 13 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330352