https://www.taxtmi.com/caselaws?id=385277 The ITAT upheld the CIT(A)'s decision to delete additions of Rs. 8,82,00,000, finding that the assessee had proven the identity, genuineness, and creditworthiness of investors. The ITAT criticized the AO for not investigating adequately and relying on third-party statements without allowing cross-examination. Regarding the validity of reopening the assessment, the ITAT agreed with the CIT(A) that the AO had credible information justifying the reopening under section 147. The ITAT dismissed the revenue's appeal, upheld the deletion of additions, and confirmed the validity of the assessment reopening. en-us Wed, 28 Aug 2019 00:00:00 +0530 Sat, 31 Aug 2019 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385277 The ITAT upheld the CIT(A)'s decision to delete additions of Rs. 8,82,00,000, finding that the assessee had proven the identity, genuineness, and creditworthiness of investors. The ITAT criticized the AO for not investigating adequately and relying on third-party statements without allowing cross-examination. Regarding the validity of reopening the assessment, the ITAT agreed with the CIT(A) that the AO had credible information justifying the reopening under section 147. The ITAT dismissed the revenue's appeal, upheld the deletion of additions, and confirmed the validity of the assessment reopening. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385277