https://www.taxtmi.com/caselaws?id=426984 The Tribunal set aside the CIT(A)'s decision and directed the AO to delete the addition of Rs. 1,15,49,320/-, as the assessee provided sufficient documentary evidence supporting the genuineness of the transactions. The Tribunal emphasized that reliance on circumstantial evidence and third-party statements without allowing cross-examination was inadequate to justify the addition under Section 68 of the Income Tax Act, 1961. Consequently, the appeal of the assessee was allowed, and the addition made by the AO was deleted. en-us Fri, 26 Aug 2022 00:00:00 +0530 Mon, 29 Aug 2022 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426984 The Tribunal set aside the CIT(A)'s decision and directed the AO to delete the addition of Rs. 1,15,49,320/-, as the assessee provided sufficient documentary evidence supporting the genuineness of the transactions. The Tribunal emphasized that reliance on circumstantial evidence and third-party statements without allowing cross-examination was inadequate to justify the addition under Section 68 of the Income Tax Act, 1961. Consequently, the appeal of the assessee was allowed, and the addition made by the AO was deleted. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426984