https://www.taxtmi.com/caselaws?id=401828 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,06,50,000/- made by the AO under Section 68 of the Income Tax Act. The Tribunal found that the assessee successfully proved the identity, genuineness, and creditworthiness of the creditor, as supported by relevant documents and the creditor's confirmation. The AO's addition was deemed unjustified due to the thorough examination of the creditor's sources. As a result, both the Revenue's appeal and the assessee's cross-objection were dismissed. en-us Fri, 25 Sep 2020 00:00:00 +0530 Thu, 17 Dec 2020 10:01:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401828 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,06,50,000/- made by the AO under Section 68 of the Income Tax Act. The Tribunal found that the assessee successfully proved the identity, genuineness, and creditworthiness of the creditor, as supported by relevant documents and the creditor's confirmation. The AO's addition was deemed unjustified due to the thorough examination of the creditor's sources. As a result, both the Revenue's appeal and the assessee's cross-objection were dismissed. Case-Laws Income Tax Fri, 25 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401828