https://www.taxtmi.com/caselaws?id=400516 The Tribunal dismissed the Revenue's appeal against the deletion of an addition under section 68 of the Income Tax Act. The Commissioner of Income Tax (Appeals) had deleted the addition after the assessee provided sufficient evidence of the genuineness of the transactions and the creditworthiness of the lenders. The Tribunal upheld this decision, emphasizing that the previous decision in favor of the assessee by a co-ordinate bench established the fulfillment of the onus of proof. Despite the absence of SEBI investigation findings in the current year, the Tribunal found the issue to be the same on merits and aligned with the previous decision. en-us Wed, 07 Oct 2020 00:00:00 +0530 Mon, 09 Nov 2020 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400516 The Tribunal dismissed the Revenue's appeal against the deletion of an addition under section 68 of the Income Tax Act. The Commissioner of Income Tax (Appeals) had deleted the addition after the assessee provided sufficient evidence of the genuineness of the transactions and the creditworthiness of the lenders. The Tribunal upheld this decision, emphasizing that the previous decision in favor of the assessee by a co-ordinate bench established the fulfillment of the onus of proof. Despite the absence of SEBI investigation findings in the current year, the Tribunal found the issue to be the same on merits and aligned with the previous decision. Case-Laws Income Tax Wed, 07 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400516