https://www.taxtmi.com/caselaws?id=273403 The Tribunal allowed the appeal filed by the assessee, deleting the disallowance of Rs. 1,52,40,253/- imposed by the Assessing Officer. The Tribunal found that the AO's reliance on the Director's uncorroborated statement without providing an opportunity for cross-examination violated principles of natural justice. The Tribunal emphasized the lack of further investigation into the genuineness of transactions despite the assessee providing substantial evidence. Consequently, the Tribunal concluded that the AO's disallowance was unjustified and ruled in favor of the assessee. en-us Wed, 29 Nov 2017 00:00:00 +0530 Fri, 22 Jun 2018 21:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273403 The Tribunal allowed the appeal filed by the assessee, deleting the disallowance of Rs. 1,52,40,253/- imposed by the Assessing Officer. The Tribunal found that the AO's reliance on the Director's uncorroborated statement without providing an opportunity for cross-examination violated principles of natural justice. The Tribunal emphasized the lack of further investigation into the genuineness of transactions despite the assessee providing substantial evidence. Consequently, the Tribunal concluded that the AO's disallowance was unjustified and ruled in favor of the assessee. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273403