https://www.taxtmi.com/caselaws?id=364799 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 3,35,00,000/- made by the AO. The Tribunal criticized the AO for not conducting independent verification and solely relying on the investigation wing's findings. It emphasized that the burden of proof shifted to the Revenue once the assessee provided satisfactory explanations and evidence. The Tribunal dismissed the Revenue's appeal, affirming that the assessee had sufficiently proven the genuineness of the loans and that the AO's actions lacked proper inquiry and evidence. en-us Wed, 01 Aug 2018 00:00:00 +0530 Sat, 04 Aug 2018 08:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364799 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 3,35,00,000/- made by the AO. The Tribunal criticized the AO for not conducting independent verification and solely relying on the investigation wing's findings. It emphasized that the burden of proof shifted to the Revenue once the assessee provided satisfactory explanations and evidence. The Tribunal dismissed the Revenue's appeal, affirming that the assessee had sufficiently proven the genuineness of the loans and that the AO's actions lacked proper inquiry and evidence. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364799