https://www.taxtmi.com/caselaws?id=427700 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act, amounting to Rs. 2,25,00,000/-, and the alleged commission expenses of Rs. 6,75,000/-. It found that the assessee had adequately proven the genuineness of the transactions, identity, and creditworthiness of the investor companies through documentary evidence. The Tribunal emphasized that suspicion alone cannot justify adverse inferences against the assessee. The Revenue's appeal was dismissed, affirming the CIT(A)'s order, with the decision pronounced on 27/04/2022 in Ahmedabad. en-us Wed, 27 Apr 2022 00:00:00 +0530 Thu, 15 Sep 2022 07:50:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427700 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act, amounting to Rs. 2,25,00,000/-, and the alleged commission expenses of Rs. 6,75,000/-. It found that the assessee had adequately proven the genuineness of the transactions, identity, and creditworthiness of the investor companies through documentary evidence. The Tribunal emphasized that suspicion alone cannot justify adverse inferences against the assessee. The Revenue's appeal was dismissed, affirming the CIT(A)'s order, with the decision pronounced on 27/04/2022 in Ahmedabad. Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427700