https://www.taxtmi.com/caselaws?id=337971 The tribunal allowed the appeal in favor of the assessee, holding that the addition of Rs. 3.20 crores as unexplained credits under Section 68 was not justified. The tribunal found that the appellant adequately proved the identity, genuineness, and creditworthiness of the investors, and criticized the revenue authorities for not conducting a thorough examination of each investment. Consequently, the tribunal ordered the deletion of the addition, emphasizing the lack of concrete evidence to support the AO's presumptions. en-us Wed, 18 Jan 2017 00:00:00 +0530 Sat, 21 Jan 2017 07:33:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337971 The tribunal allowed the appeal in favor of the assessee, holding that the addition of Rs. 3.20 crores as unexplained credits under Section 68 was not justified. The tribunal found that the appellant adequately proved the identity, genuineness, and creditworthiness of the investors, and criticized the revenue authorities for not conducting a thorough examination of each investment. Consequently, the tribunal ordered the deletion of the addition, emphasizing the lack of concrete evidence to support the AO's presumptions. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337971