https://www.taxtmi.com/caselaws?id=287316 The Commissioner of Income Tax (Appeals) erred in granting relief to the assessee on account of bogus unsecured loans, despite the Assessing Officer's findings that the loan creditors were non-existent or entry providers. The CIT(A) deleted the addition made by the AO, stating that the AO failed to verify crucial details of the loan creditors. However, the Tribunal overturned the CIT(A)'s decision, emphasizing the assessee's burden to prove the genuineness of the transactions. The matter was remanded to the AO for a fresh assessment, allowing the assessee to cross-examine witnesses and present relevant evidence. en-us Wed, 10 Jul 2019 00:00:00 +0530 Thu, 09 Apr 2020 10:45:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287316 The Commissioner of Income Tax (Appeals) erred in granting relief to the assessee on account of bogus unsecured loans, despite the Assessing Officer's findings that the loan creditors were non-existent or entry providers. The CIT(A) deleted the addition made by the AO, stating that the AO failed to verify crucial details of the loan creditors. However, the Tribunal overturned the CIT(A)'s decision, emphasizing the assessee's burden to prove the genuineness of the transactions. The matter was remanded to the AO for a fresh assessment, allowing the assessee to cross-examine witnesses and present relevant evidence. Case-Laws Income Tax Wed, 10 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287316