https://www.taxtmi.com/caselaws?id=413163 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order in all respects. The Tribunal found that the assessee had provided sufficient evidence to prove the identity, genuineness, and creditworthiness of the lenders. The AO's additions and disallowances were deemed to be based on conjectures and assumptions without concrete evidence. The Tribunal emphasized the importance of following legal precedents and conducting proper inquiries before making additions under Section 68 of the Income Tax Act. en-us Mon, 27 Sep 2021 00:00:00 +0530 Wed, 06 Oct 2021 08:46:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413163 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order in all respects. The Tribunal found that the assessee had provided sufficient evidence to prove the identity, genuineness, and creditworthiness of the lenders. The AO's additions and disallowances were deemed to be based on conjectures and assumptions without concrete evidence. The Tribunal emphasized the importance of following legal precedents and conducting proper inquiries before making additions under Section 68 of the Income Tax Act. Case-Laws Income Tax Mon, 27 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413163