https://www.taxtmi.com/caselaws?id=424604 The Tribunal allowed the appeal, directing the AO to delete the Rs. 50,00,000 addition under Section 68 of the Income Tax Act. It emphasized the importance of independent inquiries by the AO and not relying on mere suspicion. The Tribunal noted the fulfillment of the primary onus by the assessee in proving the transactions' genuineness, shifting the burden to the AO, who failed to conduct further inquiries. The addition was deemed unsustainable, highlighting the necessity of verifying transaction genuineness beyond suspicion. en-us Tue, 31 May 2022 00:00:00 +0530 Tue, 05 Jul 2022 08:16:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424604 The Tribunal allowed the appeal, directing the AO to delete the Rs. 50,00,000 addition under Section 68 of the Income Tax Act. It emphasized the importance of independent inquiries by the AO and not relying on mere suspicion. The Tribunal noted the fulfillment of the primary onus by the assessee in proving the transactions' genuineness, shifting the burden to the AO, who failed to conduct further inquiries. The addition was deemed unsustainable, highlighting the necessity of verifying transaction genuineness beyond suspicion. Case-Laws Income Tax Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424604