https://www.taxtmi.com/caselaws?id=296408 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 75,00,000 under section 68 of the Income Tax Act, emphasizing the importance of evidence and proper verification in tax assessments. The Tribunal found that the assessee provided substantial documentary evidence to establish the genuineness of transactions, while the AO failed to conduct further investigation and relied solely on statements. The Tribunal dismissed the Revenue's appeal, highlighting the shift of burden of proof to the AO once basic information is provided by the taxpayer. en-us Thu, 14 Mar 2019 00:00:00 +0530 Tue, 20 Jul 2021 10:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296408 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 75,00,000 under section 68 of the Income Tax Act, emphasizing the importance of evidence and proper verification in tax assessments. The Tribunal found that the assessee provided substantial documentary evidence to establish the genuineness of transactions, while the AO failed to conduct further investigation and relied solely on statements. The Tribunal dismissed the Revenue's appeal, highlighting the shift of burden of proof to the AO once basic information is provided by the taxpayer. Case-Laws Income Tax Thu, 14 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296408