https://www.taxtmi.com/caselaws?id=396208 The Tribunal upheld the deletion of additions under Sections 69C and 68 of the Income Tax Act, 1961, made by the Assessing Officer. In the first issue regarding unexplained expenditure in the purchase of gold bullion, the Tribunal found the AO's addition was based on incorrect analysis and lacked comprehensive evidence. In the second issue concerning unexplained loan creditors, the Tribunal ruled in favor of the assessee, noting that the burden to disprove the genuineness of transactions shifted to the Revenue, which failed to provide evidence. The Tribunal emphasized the need for thorough investigations and proper verification of evidence by the AO. en-us Mon, 01 Jun 2020 00:00:00 +0530 Tue, 22 Sep 2020 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396208 The Tribunal upheld the deletion of additions under Sections 69C and 68 of the Income Tax Act, 1961, made by the Assessing Officer. In the first issue regarding unexplained expenditure in the purchase of gold bullion, the Tribunal found the AO's addition was based on incorrect analysis and lacked comprehensive evidence. In the second issue concerning unexplained loan creditors, the Tribunal ruled in favor of the assessee, noting that the burden to disprove the genuineness of transactions shifted to the Revenue, which failed to provide evidence. The Tribunal emphasized the need for thorough investigations and proper verification of evidence by the AO. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396208