https://www.taxtmi.com/caselaws?id=391703 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals and the assessee's cross-objections. It emphasized that once the assessee establishes the identity and genuineness of transactions, the burden shifts to the AO to prove otherwise. The reliance on retracted statements without further investigation was insufficient to support the addition under Section 68. Additionally, the Tribunal stressed adherence to procedural timelines, leading to the dismissal of cross-objections due to delayed filing without adequate justification. en-us Tue, 28 Jan 2020 00:00:00 +0530 Wed, 05 Feb 2020 14:46:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391703 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals and the assessee's cross-objections. It emphasized that once the assessee establishes the identity and genuineness of transactions, the burden shifts to the AO to prove otherwise. The reliance on retracted statements without further investigation was insufficient to support the addition under Section 68. Additionally, the Tribunal stressed adherence to procedural timelines, leading to the dismissal of cross-objections due to delayed filing without adequate justification. Case-Laws Income Tax Tue, 28 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391703