https://www.taxtmi.com/caselaws?id=301025 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the addition of Rs. 2,25,00,000 made by the Assessing Officer under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the transactions, shifting the burden to the AO to disprove these claims with substantial evidence. As the AO failed to provide concrete evidence and relied on suspicion, the Tribunal dismissed the revenue's appeal and affirmed the CIT(A)'s order. en-us Fri, 03 Aug 2018 00:00:00 +0530 Wed, 09 Mar 2022 08:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301025 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the addition of Rs. 2,25,00,000 made by the Assessing Officer under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the transactions, shifting the burden to the AO to disprove these claims with substantial evidence. As the AO failed to provide concrete evidence and relied on suspicion, the Tribunal dismissed the revenue's appeal and affirmed the CIT(A)'s order. Case-Laws Income Tax Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301025