https://www.taxtmi.com/caselaws?id=292128 The Tribunal dismissed the Revenue's appeals for assessment years 2011-12 and 2012-13, upholding the CIT(A)'s order that deleted the additions made by the AO. The Tribunal found that the assessee adequately proved the genuineness of the loan transactions, shifting the onus to the AO to disprove the evidence. The AO's reliance on retracted statements without further investigation was deemed unjustified. The Tribunal also dismissed the cross-objection filed by the assessee as it became redundant after dismissing the Revenue's appeals. en-us Thu, 14 Mar 2019 00:00:00 +0530 Tue, 08 Dec 2020 10:17:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292128 The Tribunal dismissed the Revenue's appeals for assessment years 2011-12 and 2012-13, upholding the CIT(A)'s order that deleted the additions made by the AO. The Tribunal found that the assessee adequately proved the genuineness of the loan transactions, shifting the onus to the AO to disprove the evidence. The AO's reliance on retracted statements without further investigation was deemed unjustified. The Tribunal also dismissed the cross-objection filed by the assessee as it became redundant after dismissing the Revenue's appeals. Case-Laws Income Tax Thu, 14 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292128