https://www.taxtmi.com/caselaws?id=417559 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under Section 68 of the Income Tax Act, as the assessee proved the genuineness of transactions and the legitimacy of investor companies. The Tribunal criticized the AO for relying on third-party statements without allowing cross-examination, emphasizing the importance of natural justice principles. The Revenue's appeals were dismissed due to insufficient evidence and procedural flaws in the AO's approach. en-us Tue, 23 Nov 2021 00:00:00 +0530 Thu, 27 Jan 2022 08:41:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417559 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under Section 68 of the Income Tax Act, as the assessee proved the genuineness of transactions and the legitimacy of investor companies. The Tribunal criticized the AO for relying on third-party statements without allowing cross-examination, emphasizing the importance of natural justice principles. The Revenue's appeals were dismissed due to insufficient evidence and procedural flaws in the AO's approach. Case-Laws Income Tax Tue, 23 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417559