https://www.taxtmi.com/caselaws?id=358320 The Tribunal upheld the CIT(A)'s decision to delete additions of Rs. 52,50,000/- and Rs. 3,19,00,726/- in the case. The additions were based solely on statements without corroborative material, leading to their deletion as per judicial precedents. The CIT(A) found the assessee had provided sufficient evidence to establish the genuineness of the loan under Section 68. The Tribunal concurred, noting the loan was through banking channels, repaid in a subsequent year, and reported in the lender's return of income. The Revenue's appeal was dismissed based on the sound legal reasoning and evidence appreciation by the lower authorities. en-us Wed, 28 Feb 2018 00:00:00 +0530 Tue, 10 Apr 2018 08:25:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358320 The Tribunal upheld the CIT(A)'s decision to delete additions of Rs. 52,50,000/- and Rs. 3,19,00,726/- in the case. The additions were based solely on statements without corroborative material, leading to their deletion as per judicial precedents. The CIT(A) found the assessee had provided sufficient evidence to establish the genuineness of the loan under Section 68. The Tribunal concurred, noting the loan was through banking channels, repaid in a subsequent year, and reported in the lender's return of income. The Revenue's appeal was dismissed based on the sound legal reasoning and evidence appreciation by the lower authorities. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358320