https://www.taxtmi.com/caselaws?id=374621 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 5,75,00,000/- under Section 68 of the Income Tax Act. The Tribunal found that the assessee sufficiently proved the identity, genuineness, and creditworthiness of the investors, shifting the burden to the revenue to provide contrary evidence. The reliance on an incomplete witness statement and lack of incriminating evidence were deemed insufficient. The Tribunal emphasized the importance of providing an opportunity for cross-examination and dismissed the revenue's appeal, concluding with no order as to cost. en-us Thu, 20 Dec 2018 00:00:00 +0530 Wed, 06 Feb 2019 07:15:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374621 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 5,75,00,000/- under Section 68 of the Income Tax Act. The Tribunal found that the assessee sufficiently proved the identity, genuineness, and creditworthiness of the investors, shifting the burden to the revenue to provide contrary evidence. The reliance on an incomplete witness statement and lack of incriminating evidence were deemed insufficient. The Tribunal emphasized the importance of providing an opportunity for cross-examination and dismissed the revenue's appeal, concluding with no order as to cost. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374621