https://www.taxtmi.com/caselaws?id=417744 The Tribunal upheld the deletion of the addition made under Section 68 of the Income Tax Act, ruling in favor of the assessee. It found that the assessee had adequately proven the identity, creditworthiness, and genuineness of the loan transactions, supported by evidence including responses to notices under Section 133(6). The Tribunal also emphasized that the repayment of loans in subsequent years should be taken into account and criticized the AO for making double additions, deeming it legally untenable. Consequently, the Revenue's appeal was dismissed, and the assessee's cross-objection was also rejected as inconsequential. en-us Fri, 28 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 07:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417744 The Tribunal upheld the deletion of the addition made under Section 68 of the Income Tax Act, ruling in favor of the assessee. It found that the assessee had adequately proven the identity, creditworthiness, and genuineness of the loan transactions, supported by evidence including responses to notices under Section 133(6). The Tribunal also emphasized that the repayment of loans in subsequent years should be taken into account and criticized the AO for making double additions, deeming it legally untenable. Consequently, the Revenue's appeal was dismissed, and the assessee's cross-objection was also rejected as inconsequential. Case-Laws Income Tax Fri, 28 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417744