https://www.taxtmi.com/caselaws?id=185652 The Tribunal upheld the CIT(A)'s decision to delete additions made under sections 68 and 40A(2) of the IT Act. The CIT(A) found the creditors were genuine, family members, and had confirmed the loans, discrediting the AO's adverse inference. The Tribunal noted the assessee met the burden of proof, and the AO lacked contradictory evidence. Allegations of Rule 46A violation were dismissed. The Revenue's appeal was rejected, affirming the CIT(A)'s decisions. Judgement was delivered on 20th January 2012. en-us Fri, 20 Jan 2012 00:00:00 +0530 Mon, 22 Aug 2016 18:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185652 The Tribunal upheld the CIT(A)'s decision to delete additions made under sections 68 and 40A(2) of the IT Act. The CIT(A) found the creditors were genuine, family members, and had confirmed the loans, discrediting the AO's adverse inference. The Tribunal noted the assessee met the burden of proof, and the AO lacked contradictory evidence. Allegations of Rule 46A violation were dismissed. The Revenue's appeal was rejected, affirming the CIT(A)'s decisions. Judgement was delivered on 20th January 2012. Case-Laws Income Tax Fri, 20 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185652