https://www.taxtmi.com/caselaws?id=428299 The Tribunal upheld the CIT(A)'s decision to delete the additions under Section 68 of the Income Tax Act, dismissing the department's appeal. It concluded that the assessee had substantiated the identity, creditworthiness of the lenders, and the genuineness of the loan transactions with documentary evidence. The A.O. failed to provide substantial evidence to refute the claims or conduct necessary verifications. The Tribunal found no fault in the CIT(A)'s order and rejected the revenue's grounds of appeal. en-us Fri, 23 Sep 2022 00:00:00 +0530 Wed, 28 Sep 2022 08:03:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428299 The Tribunal upheld the CIT(A)'s decision to delete the additions under Section 68 of the Income Tax Act, dismissing the department's appeal. It concluded that the assessee had substantiated the identity, creditworthiness of the lenders, and the genuineness of the loan transactions with documentary evidence. The A.O. failed to provide substantial evidence to refute the claims or conduct necessary verifications. The Tribunal found no fault in the CIT(A)'s order and rejected the revenue's grounds of appeal. Case-Laws Income Tax Fri, 23 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428299