https://www.taxtmi.com/caselaws?id=298120 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the additions made under Sections 68 and 69C of the Income Tax Act. The Tribunal emphasized the importance of proper evidence and independent inquiry, noting that the assessee had provided substantial evidence to prove the genuineness of the transactions. The AO's reliance on third-party statements without conducting an independent inquiry was criticized, and the Tribunal directed the AO to withdraw the additions. en-us Wed, 24 Oct 2018 00:00:00 +0530 Wed, 13 Oct 2021 08:41:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298120 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the additions made under Sections 68 and 69C of the Income Tax Act. The Tribunal emphasized the importance of proper evidence and independent inquiry, noting that the assessee had provided substantial evidence to prove the genuineness of the transactions. The AO's reliance on third-party statements without conducting an independent inquiry was criticized, and the Tribunal directed the AO to withdraw the additions. Case-Laws Income Tax Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298120