https://www.taxtmi.com/caselaws?id=406269 The appellate authority upheld the deletion of an addition of Rs. 2,50,00,000 as unaccounted income from undisclosed sources by the Assessing Officer under section 68 of the IT Act. The appellant successfully proved the genuineness of the loans received by submitting comprehensive documentation establishing the identity, creditworthiness, and genuineness of the transactions. Despite reminders, the Assessing Officer failed to provide any evidence to counter the submissions, leading to the dismissal of the revenue's appeal. The tribunal emphasized the importance of discharging the onus of proof and substantiating claims with concrete evidence in tax matters. en-us Fri, 26 Mar 2021 00:00:00 +0530 Sat, 10 Apr 2021 09:03:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406269 The appellate authority upheld the deletion of an addition of Rs. 2,50,00,000 as unaccounted income from undisclosed sources by the Assessing Officer under section 68 of the IT Act. The appellant successfully proved the genuineness of the loans received by submitting comprehensive documentation establishing the identity, creditworthiness, and genuineness of the transactions. Despite reminders, the Assessing Officer failed to provide any evidence to counter the submissions, leading to the dismissal of the revenue's appeal. The tribunal emphasized the importance of discharging the onus of proof and substantiating claims with concrete evidence in tax matters. Case-Laws Income Tax Fri, 26 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406269