https://www.taxtmi.com/caselaws?id=282190 The ld. Commissioner of Income Tax (Appeals) deleted the addition under section 68 of the Income Tax Act, as the identity, creditworthiness, and genuineness of the lender and transaction were established through PAN details, income tax returns, banking channels, and confirmation from the lender. The Assessing Officer's reliance on external information without verifying specifics and failure to engage with the lender led to an incorrect assessment. The legal validity of the assessment was upheld based on evidence provided by the assessee, resulting in the dismissal of the Revenue's appeal. en-us Thu, 17 May 2018 00:00:00 +0530 Fri, 26 Jul 2019 08:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282190 The ld. Commissioner of Income Tax (Appeals) deleted the addition under section 68 of the Income Tax Act, as the identity, creditworthiness, and genuineness of the lender and transaction were established through PAN details, income tax returns, banking channels, and confirmation from the lender. The Assessing Officer's reliance on external information without verifying specifics and failure to engage with the lender led to an incorrect assessment. The legal validity of the assessment was upheld based on evidence provided by the assessee, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Thu, 17 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282190