https://www.taxtmi.com/caselaws?id=420099 The Tribunal upheld the deletion of the addition of Rs. 8.71 crores made under Section 68 of the Income Tax Act. It found that the assessee had adequately proven the identity, genuineness, and creditworthiness of the lender, while the Assessing Officer failed to provide substantial evidence to the contrary. The Tribunal emphasized the lack of defects in the documents provided by the assessee and the absence of an independent inquiry by the AO. Previous judicial precedents supporting the genuineness of the lender further strengthened the decision to dismiss the Revenue's appeal. en-us Wed, 23 Mar 2022 00:00:00 +0530 Sat, 26 Mar 2022 09:00:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420099 The Tribunal upheld the deletion of the addition of Rs. 8.71 crores made under Section 68 of the Income Tax Act. It found that the assessee had adequately proven the identity, genuineness, and creditworthiness of the lender, while the Assessing Officer failed to provide substantial evidence to the contrary. The Tribunal emphasized the lack of defects in the documents provided by the assessee and the absence of an independent inquiry by the AO. Previous judicial precedents supporting the genuineness of the lender further strengthened the decision to dismiss the Revenue's appeal. Case-Laws Income Tax Wed, 23 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420099