https://www.taxtmi.com/caselaws?id=363512 The tribunal dismissed the Revenue's appeal, confirming the CIT(A)'s decision to delete the addition of Rs. 5 Crores made by the AO under Section 68 of the Income Tax Act. The tribunal found no violation of Rule 46A and determined that the assessee had sufficiently proven the genuineness and creditworthiness of the transactions. The reliance on the DDIT's report and statements of Shri Manohar Lal Nangalia was deemed insufficient and inadmissible due to the lack of proper confrontation and relevance to the case. en-us Thu, 05 Jul 2018 00:00:00 +0530 Fri, 13 Jul 2018 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363512 The tribunal dismissed the Revenue's appeal, confirming the CIT(A)'s decision to delete the addition of Rs. 5 Crores made by the AO under Section 68 of the Income Tax Act. The tribunal found no violation of Rule 46A and determined that the assessee had sufficiently proven the genuineness and creditworthiness of the transactions. The reliance on the DDIT's report and statements of Shri Manohar Lal Nangalia was deemed insufficient and inadmissible due to the lack of proper confrontation and relevance to the case. Case-Laws Income Tax Thu, 05 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363512