https://www.taxtmi.com/caselaws?id=362455 The Tribunal upheld the decision to delete the addition made under Section 68 of the Income Tax Act, 1961, as the assessee satisfactorily explained the credit entries and discharged the burden of proof. The Tribunal emphasized that retracted statements alone are not sufficient to validate additions without corroborative evidence. The failure to provide an opportunity for cross-examination and the disallowance of interest paid on loans were also considered in favor of the assessee. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition by the First Appellate Authority. en-us Fri, 22 Jun 2018 00:00:00 +0530 Tue, 26 Jun 2018 15:59:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362455 The Tribunal upheld the decision to delete the addition made under Section 68 of the Income Tax Act, 1961, as the assessee satisfactorily explained the credit entries and discharged the burden of proof. The Tribunal emphasized that retracted statements alone are not sufficient to validate additions without corroborative evidence. The failure to provide an opportunity for cross-examination and the disallowance of interest paid on loans were also considered in favor of the assessee. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition by the First Appellate Authority. Case-Laws Income Tax Fri, 22 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362455