https://www.taxtmi.com/caselaws?id=404243 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 11,30,50,000/- for 26 investors, finding that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transactions. The Tribunal criticized the Assessing Officer for not conducting thorough investigations and relying on suspicions to make additions under Section 68 of the Income Tax Act, emphasizing that the burden shifts to the Revenue once the assessee provides satisfactory evidence. The Tribunal dismissed the Department's appeal, affirming the deletion of the addition and highlighting the inadequacy of the A.O.'s evidence to justify the inclusion. en-us Wed, 17 Feb 2021 00:00:00 +0530 Fri, 19 Feb 2021 10:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404243 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 11,30,50,000/- for 26 investors, finding that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transactions. The Tribunal criticized the Assessing Officer for not conducting thorough investigations and relying on suspicions to make additions under Section 68 of the Income Tax Act, emphasizing that the burden shifts to the Revenue once the assessee provides satisfactory evidence. The Tribunal dismissed the Department's appeal, affirming the deletion of the addition and highlighting the inadequacy of the A.O.'s evidence to justify the inclusion. Case-Laws Income Tax Wed, 17 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404243