https://www.taxtmi.com/caselaws?id=400291 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition of Rs. 9,85,00,000/- under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness of the lender, and the genuineness of the transaction through comprehensive documentation. It was noted that the AO's addition was solely based on the investigation wing's report without independent corroborative evidence. The Tribunal emphasized the assessee's compliance with Section 68 requirements and the AO's failure to conduct a proper investigation. en-us Mon, 19 Oct 2020 00:00:00 +0530 Mon, 03 May 2021 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400291 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition of Rs. 9,85,00,000/- under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness of the lender, and the genuineness of the transaction through comprehensive documentation. It was noted that the AO's addition was solely based on the investigation wing's report without independent corroborative evidence. The Tribunal emphasized the assessee's compliance with Section 68 requirements and the AO's failure to conduct a proper investigation. Case-Laws Income Tax Mon, 19 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400291