https://www.taxtmi.com/caselaws?id=294794 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 1,25,00,000/- towards unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal emphasized the importance of providing the assessee with an opportunity for rebuttal and cross-examination, noting that the assessee had provided substantial evidence to support the transactions. The Tribunal upheld the principle that once the assessee meets its burden of proof, the onus shifts to the AO to prove otherwise. en-us Fri, 23 Aug 2019 00:00:00 +0530 Mon, 03 May 2021 21:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294794 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 1,25,00,000/- towards unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal emphasized the importance of providing the assessee with an opportunity for rebuttal and cross-examination, noting that the assessee had provided substantial evidence to support the transactions. The Tribunal upheld the principle that once the assessee meets its burden of proof, the onus shifts to the AO to prove otherwise. Case-Laws Income Tax Fri, 23 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294794