https://www.taxtmi.com/caselaws?id=344954 The Tribunal dismissed the Revenue's appeal due to the tax effect being below Rs. 10 lakhs as per CBDT Circular No.21 of 2015. The addition under Section 68 of the Income Tax Act was upheld at Rs. 23,00,000, as the assessee failed to prove the creditworthiness of Shri Prakash Basrani. The CIT(A) upheld this decision, requiring verification of Shri Prakash Basrani's financial position. The Tribunal directed the assessee to produce Shri Prakash Basrani for examination by the Assessing Officer. The appeal was partly allowed for statistical purposes, setting aside the levy of interest and dismissing the Revenue's appeal. en-us Fri, 04 Nov 2016 00:00:00 +0530 Mon, 03 Jul 2017 10:06:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344954 The Tribunal dismissed the Revenue's appeal due to the tax effect being below Rs. 10 lakhs as per CBDT Circular No.21 of 2015. The addition under Section 68 of the Income Tax Act was upheld at Rs. 23,00,000, as the assessee failed to prove the creditworthiness of Shri Prakash Basrani. The CIT(A) upheld this decision, requiring verification of Shri Prakash Basrani's financial position. The Tribunal directed the assessee to produce Shri Prakash Basrani for examination by the Assessing Officer. The appeal was partly allowed for statistical purposes, setting aside the levy of interest and dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344954