https://www.taxtmi.com/caselaws?id=193990 The Tribunal found that the authorities failed to consider crucial evidence demonstrating the loans' legitimacy and creditors' creditworthiness. Despite the assessee providing substantial evidence, the Revenue did not verify the creditors' assessment records. Consequently, the addition of Rs. 7,00,000 under Section 68 was deemed unsustainable. The Tribunal overturned the CIT(A)'s decision, instructing the AO to remove the addition. The assessee's appeal was granted, and the stay application was dismissed as moot. en-us Fri, 24 Jul 2015 00:00:00 +0530 Fri, 25 Aug 2017 09:41:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193990 The Tribunal found that the authorities failed to consider crucial evidence demonstrating the loans' legitimacy and creditors' creditworthiness. Despite the assessee providing substantial evidence, the Revenue did not verify the creditors' assessment records. Consequently, the addition of Rs. 7,00,000 under Section 68 was deemed unsustainable. The Tribunal overturned the CIT(A)'s decision, instructing the AO to remove the addition. The assessee's appeal was granted, and the stay application was dismissed as moot. Case-Laws Income Tax Fri, 24 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193990