https://www.taxtmi.com/caselaws?id=353871 The Court dismissed the appeal challenging the addition made under Section 68 of the Income Tax Act, 1961. It held that the assessee had discharged the onus of proving the genuineness of transactions and creditworthiness of investors by providing necessary documents. The Court emphasized the importance of diligent assessments by the Assessing Officer, including thorough examination of materials and allowing cross-examination of witnesses. Failure to conduct proper investigations and reliance on insufficient evidence led to the deletion of the addition in favor of the appellant. en-us Mon, 08 Jan 2018 00:00:00 +0530 Fri, 16 Feb 2018 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353871 The Court dismissed the appeal challenging the addition made under Section 68 of the Income Tax Act, 1961. It held that the assessee had discharged the onus of proving the genuineness of transactions and creditworthiness of investors by providing necessary documents. The Court emphasized the importance of diligent assessments by the Assessing Officer, including thorough examination of materials and allowing cross-examination of witnesses. Failure to conduct proper investigations and reliance on insufficient evidence led to the deletion of the addition in favor of the appellant. Case-Laws Income Tax Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353871