https://www.taxtmi.com/caselaws?id=339816 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 43,00,000, rejecting the AO's claim that the companies were conduits for unexplained credits. The CIT (A) emphasized the genuineness of the companies based on official records and stock exchange listings. Additionally, the Tribunal supported the deletion of the alleged escaped income of Rs. 63,00,000, citing similar cases where additions were deleted due to lack of concrete evidence. The judgment highlighted the importance of thorough investigations and the shifting burden of proof between parties in such matters. en-us Wed, 08 Feb 2017 00:00:00 +0530 Wed, 08 Mar 2017 06:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339816 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 43,00,000, rejecting the AO's claim that the companies were conduits for unexplained credits. The CIT (A) emphasized the genuineness of the companies based on official records and stock exchange listings. Additionally, the Tribunal supported the deletion of the alleged escaped income of Rs. 63,00,000, citing similar cases where additions were deleted due to lack of concrete evidence. The judgment highlighted the importance of thorough investigations and the shifting burden of proof between parties in such matters. Case-Laws Income Tax Wed, 08 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339816