https://www.taxtmi.com/caselaws?id=402399 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision. It found the assessee adequately explained the credits through creditors' existing capital and non-taxable income. The AO was instructed to verify long-term capital gains and creditors' account balances. The Tribunal criticized the handling of verification by the AO and CIT(A), leading to a second appellate stage. The challenge under Section 153C was rejected due to lack of supporting evidence. en-us Tue, 29 Dec 2020 00:00:00 +0530 Thu, 31 Dec 2020 14:59:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402399 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision. It found the assessee adequately explained the credits through creditors' existing capital and non-taxable income. The AO was instructed to verify long-term capital gains and creditors' account balances. The Tribunal criticized the handling of verification by the AO and CIT(A), leading to a second appellate stage. The challenge under Section 153C was rejected due to lack of supporting evidence. Case-Laws Income Tax Tue, 29 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402399