https://www.taxtmi.com/caselaws?id=277647 The Commissioner of Income Tax (Appeals) deleted the addition of Rs. 50,00,000 on account of bogus loans made by the Assessing Officer, citing lack of corroborative evidence and reliance on third-party statements without independent inquiry. The CIT(A) upheld that the transactions were genuine based on documentary evidence submitted by the assessee, leading to the deletion of the addition. The Tribunal further emphasized the importance of respecting transactions occurring before the investigation, ultimately dismissing the appeal and affirming the CIT(A)'s decision. en-us Wed, 30 May 2018 00:00:00 +0530 Sat, 15 Dec 2018 06:38:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277647 The Commissioner of Income Tax (Appeals) deleted the addition of Rs. 50,00,000 on account of bogus loans made by the Assessing Officer, citing lack of corroborative evidence and reliance on third-party statements without independent inquiry. The CIT(A) upheld that the transactions were genuine based on documentary evidence submitted by the assessee, leading to the deletion of the addition. The Tribunal further emphasized the importance of respecting transactions occurring before the investigation, ultimately dismissing the appeal and affirming the CIT(A)'s decision. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277647