https://www.taxtmi.com/caselaws?id=304830 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 15,00,000 under Section 68 of the IT Act. The court found that the assessee had provided sufficient evidence to support the genuineness of the loans, including confirmation letters and evidence of repayment through banking channels. The reliance on the statement of Shri Ramdinesh Sharma alone was deemed insufficient without corroborative evidence directly linking the assessee. Additionally, the failure to provide the opportunity for cross-examination of Shri Ramdinesh Sharma was considered a procedural lapse, leading to the dismissal of the Revenue's appeal and confirmation of the deletion of the addition. en-us Fri, 30 May 2014 00:00:00 +0530 Sun, 30 Oct 2022 21:33:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304830 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 15,00,000 under Section 68 of the IT Act. The court found that the assessee had provided sufficient evidence to support the genuineness of the loans, including confirmation letters and evidence of repayment through banking channels. The reliance on the statement of Shri Ramdinesh Sharma alone was deemed insufficient without corroborative evidence directly linking the assessee. Additionally, the failure to provide the opportunity for cross-examination of Shri Ramdinesh Sharma was considered a procedural lapse, leading to the dismissal of the Revenue's appeal and confirmation of the deletion of the addition. Case-Laws Income Tax Fri, 30 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304830