https://www.taxtmi.com/caselaws?id=284248 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO under Section 68 for AY 2010-11 and AY 2012-13. The Tribunal found that the assessee proved the loans' genuineness and the lenders' creditworthiness with proper documentation, shifting the burden to the AO, who failed to refute the evidence. The retraction of statements by lenders was considered valid, and the AO's lack of independent verification and reliance on external information without allowing cross-examination were criticized. Ultimately, the Tribunal dismissed the Revenue's appeals, affirming the deletion of the additions. en-us Wed, 15 May 2019 00:00:00 +0530 Fri, 08 Nov 2019 08:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284248 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO under Section 68 for AY 2010-11 and AY 2012-13. The Tribunal found that the assessee proved the loans' genuineness and the lenders' creditworthiness with proper documentation, shifting the burden to the AO, who failed to refute the evidence. The retraction of statements by lenders was considered valid, and the AO's lack of independent verification and reliance on external information without allowing cross-examination were criticized. Ultimately, the Tribunal dismissed the Revenue's appeals, affirming the deletion of the additions. Case-Laws Income Tax Wed, 15 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284248