https://www.taxtmi.com/caselaws?id=406893 The Tribunal upheld the CIT (A)'s order deleting the addition of Rs. 37,02,25,000/- made by the AO under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently established the identity, genuineness, and creditworthiness of the investors, who were regularly filing returns and transacting through banking channels. The Tribunal distinguished this case from a previous ruling where the onus was not met. Consequently, the appeal of the Revenue was dismissed, affirming the deletion of the addition. en-us Mon, 19 Apr 2021 00:00:00 +0530 Mon, 26 Apr 2021 10:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406893 The Tribunal upheld the CIT (A)'s order deleting the addition of Rs. 37,02,25,000/- made by the AO under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently established the identity, genuineness, and creditworthiness of the investors, who were regularly filing returns and transacting through banking channels. The Tribunal distinguished this case from a previous ruling where the onus was not met. Consequently, the appeal of the Revenue was dismissed, affirming the deletion of the addition. Case-Laws Income Tax Mon, 19 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406893