https://www.taxtmi.com/caselaws?id=304837 The Tribunal upheld the CIT(A)'s decision to delete the addition of loans as unexplained cash credit for the assessment year 2012-13. The Tribunal found the loans genuine based on evidence of regular business transactions, PAN details, and responses to notices. It deemed the AO's reliance on an ex-director's statement irrelevant, as the current director affirmed the transaction's genuineness. The Tribunal emphasized the lack of corroborative evidence and violation of natural justice in the AO's assessment, leading to the dismissal of the Revenue's appeal on 28.11.2018. en-us Wed, 28 Nov 2018 00:00:00 +0530 Mon, 31 Oct 2022 08:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304837 The Tribunal upheld the CIT(A)'s decision to delete the addition of loans as unexplained cash credit for the assessment year 2012-13. The Tribunal found the loans genuine based on evidence of regular business transactions, PAN details, and responses to notices. It deemed the AO's reliance on an ex-director's statement irrelevant, as the current director affirmed the transaction's genuineness. The Tribunal emphasized the lack of corroborative evidence and violation of natural justice in the AO's assessment, leading to the dismissal of the Revenue's appeal on 28.11.2018. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304837