https://www.taxtmi.com/caselaws?id=372283 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s order that deleted the addition of Rs. 5.50 crores under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the creditors, highlighting the lack of concrete evidence supporting the AO's adverse presumptions. The decision underscored the importance of the Revenue providing substantial evidence to substantiate allegations under Section 68 and criticized the AO's suspicion-based approach as insufficient. en-us Wed, 01 Aug 2018 00:00:00 +0530 Thu, 20 Dec 2018 08:16:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372283 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s order that deleted the addition of Rs. 5.50 crores under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the creditors, highlighting the lack of concrete evidence supporting the AO's adverse presumptions. The decision underscored the importance of the Revenue providing substantial evidence to substantiate allegations under Section 68 and criticized the AO's suspicion-based approach as insufficient. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372283