https://www.taxtmi.com/caselaws?id=275175 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, setting aside the CIT(A)'s decision to add Rs. 1,65,00,000 under Section 68 of the Income Tax Act. The ITAT held that the assessee had sufficiently proven the genuineness of the loan transaction from Lorraine Finance Pvt. Ltd. (LFPL) and was not required to establish the source of funds of the lender's lender. Consequently, the addition was deleted, and the appeal by the assessee was allowed. en-us Wed, 21 Jan 2015 00:00:00 +0530 Fri, 21 Sep 2018 08:22:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275175 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, setting aside the CIT(A)'s decision to add Rs. 1,65,00,000 under Section 68 of the Income Tax Act. The ITAT held that the assessee had sufficiently proven the genuineness of the loan transaction from Lorraine Finance Pvt. Ltd. (LFPL) and was not required to establish the source of funds of the lender's lender. Consequently, the addition was deleted, and the appeal by the assessee was allowed. Case-Laws Income Tax Wed, 21 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275175