https://www.taxtmi.com/caselaws?id=420196 The Tribunal upheld the order of the CIT(A) and dismissed the Revenue's appeal concerning the addition of unexplained credit under section 68 of the Income Tax Act. The Tribunal found the AO's actions arbitrary and lacking in cogent reasons, noting the credibility of the sundry creditors based on the appellant's submission of necessary documents and the income details of creditors as per their ITRs. The deletion of the addition of Rs. 3,68,85,701 was justified due to the lack of substantiation and procedural fairness in the assessment process. en-us Wed, 09 Mar 2022 00:00:00 +0530 Tue, 29 Mar 2022 08:36:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420196 The Tribunal upheld the order of the CIT(A) and dismissed the Revenue's appeal concerning the addition of unexplained credit under section 68 of the Income Tax Act. The Tribunal found the AO's actions arbitrary and lacking in cogent reasons, noting the credibility of the sundry creditors based on the appellant's submission of necessary documents and the income details of creditors as per their ITRs. The deletion of the addition of Rs. 3,68,85,701 was justified due to the lack of substantiation and procedural fairness in the assessment process. Case-Laws Income Tax Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420196