https://www.taxtmi.com/caselaws?id=413038 The Appellate Tribunal dismissed the Revenue's appeal against the deletion of the addition made under Section 68 of the Income Tax Act, 1961. The Tribunal upheld the order of the Commissioner of Income Tax (Appeals), finding that the loans in question were genuine based on the evidence provided by the assessee. It was noted that the Assessing Officer had failed to conduct necessary inquiries and rejected the assessee's explanation without proper basis. As a result, the Tribunal affirmed the decision to delete the addition, emphasizing the importance of considering all evidence before making such determinations. en-us Mon, 27 Sep 2021 00:00:00 +0530 Mon, 04 Oct 2021 08:57:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413038 The Appellate Tribunal dismissed the Revenue's appeal against the deletion of the addition made under Section 68 of the Income Tax Act, 1961. The Tribunal upheld the order of the Commissioner of Income Tax (Appeals), finding that the loans in question were genuine based on the evidence provided by the assessee. It was noted that the Assessing Officer had failed to conduct necessary inquiries and rejected the assessee's explanation without proper basis. As a result, the Tribunal affirmed the decision to delete the addition, emphasizing the importance of considering all evidence before making such determinations. Case-Laws Income Tax Mon, 27 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413038