https://www.taxtmi.com/caselaws?id=397226 The Tribunal upheld the order of the Ld.CIT(A), dismissing the Revenue's appeal and sustaining the deletion of the addition made under Section 68 of the Income Tax Act. The Tribunal found that the assessee had adequately proven the genuineness, creditworthiness, and identity of the creditors. Additionally, the Tribunal criticized the AO for relying on third-party statements without allowing cross-examination and for not conducting independent inquiries, deeming these actions insufficient to support the addition under Section 68. en-us Mon, 20 Jul 2020 00:00:00 +0530 Mon, 10 Aug 2020 13:03:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397226 The Tribunal upheld the order of the Ld.CIT(A), dismissing the Revenue's appeal and sustaining the deletion of the addition made under Section 68 of the Income Tax Act. The Tribunal found that the assessee had adequately proven the genuineness, creditworthiness, and identity of the creditors. Additionally, the Tribunal criticized the AO for relying on third-party statements without allowing cross-examination and for not conducting independent inquiries, deeming these actions insufficient to support the addition under Section 68. Case-Laws Income Tax Mon, 20 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397226