https://www.taxtmi.com/caselaws?id=404585 The CIT(A) deleted the addition of Rs. 3,47,01,225/- made by the AO under Section 68, holding that the assessee had satisfactorily proved the identity, creditworthiness, and genuineness of the transactions. The CIT(A) found that the AO's addition was based on suspicion without concrete evidence. The appeal by the revenue was dismissed, and the cross-objection by the assessee was deemed infructuous. The Tribunal confirmed the CIT(A)'s order, emphasizing that the assessee had discharged its onus under Section 68 and that the AO's addition was not justified. en-us Tue, 09 Feb 2021 00:00:00 +0530 Fri, 26 Feb 2021 09:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404585 The CIT(A) deleted the addition of Rs. 3,47,01,225/- made by the AO under Section 68, holding that the assessee had satisfactorily proved the identity, creditworthiness, and genuineness of the transactions. The CIT(A) found that the AO's addition was based on suspicion without concrete evidence. The appeal by the revenue was dismissed, and the cross-objection by the assessee was deemed infructuous. The Tribunal confirmed the CIT(A)'s order, emphasizing that the assessee had discharged its onus under Section 68 and that the AO's addition was not justified. Case-Laws Income Tax Tue, 09 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404585