https://www.taxtmi.com/caselaws?id=386819 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition of Rs. 80,00,000 under Section 68 of the Income Tax Act. The ITAT found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the loan transaction, emphasizing the importance of material proof over suspicion. Additionally, the ITAT supported the admissibility of the additional evidence provided by the assessee, concluding that the Revenue's appeal lacked merit. en-us Fri, 02 Aug 2019 00:00:00 +0530 Wed, 09 Oct 2019 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386819 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition of Rs. 80,00,000 under Section 68 of the Income Tax Act. The ITAT found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the loan transaction, emphasizing the importance of material proof over suspicion. Additionally, the ITAT supported the admissibility of the additional evidence provided by the assessee, concluding that the Revenue's appeal lacked merit. Case-Laws Income Tax Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386819