https://www.taxtmi.com/caselaws?id=404722 The ITAT upheld the CIT(A)'s decisions in both cases, dismissing the revenue's appeals. In the first issue regarding the deletion of Rs. 24.35 crore under Section 68 of the Income Tax Act for A.Y. 2011-12, the ITAT agreed with the CIT(A) that the AO's reliance on retracted statements and lack of corroborative material was insufficient to justify the addition. In the second issue concerning the deletion of disallowance of Rs. 4,71,19,785/- on the sale of shares for A.Y. 2016-17, the ITAT concurred with the CIT(A) that the AO's conclusions were based on suspicion and conjecture without concrete evidence. The additions and disallowances were deleted in both cases. en-us Thu, 25 Feb 2021 00:00:00 +0530 Fri, 26 Feb 2021 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404722 The ITAT upheld the CIT(A)'s decisions in both cases, dismissing the revenue's appeals. In the first issue regarding the deletion of Rs. 24.35 crore under Section 68 of the Income Tax Act for A.Y. 2011-12, the ITAT agreed with the CIT(A) that the AO's reliance on retracted statements and lack of corroborative material was insufficient to justify the addition. In the second issue concerning the deletion of disallowance of Rs. 4,71,19,785/- on the sale of shares for A.Y. 2016-17, the ITAT concurred with the CIT(A) that the AO's conclusions were based on suspicion and conjecture without concrete evidence. The additions and disallowances were deleted in both cases. Case-Laws Income Tax Thu, 25 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404722