https://www.taxtmi.com/caselaws?id=413447 The Tribunal allowed the appeal, ruling in favor of the assessee. It found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the lender through documentary evidence. The Tribunal criticized the AO for relying solely on a third party's statement without allowing cross-examination or conducting independent inquiries. As a result, the addition under Section 68 of the Income Tax Act was deemed unjustified and was deleted. en-us Mon, 27 Sep 2021 00:00:00 +0530 Tue, 12 Oct 2021 09:29:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413447 The Tribunal allowed the appeal, ruling in favor of the assessee. It found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the lender through documentary evidence. The Tribunal criticized the AO for relying solely on a third party's statement without allowing cross-examination or conducting independent inquiries. As a result, the addition under Section 68 of the Income Tax Act was deemed unjustified and was deleted. Case-Laws Income Tax Mon, 27 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413447