https://www.taxtmi.com/caselaws?id=306303 The Tribunal upheld the CIT(A)'s decisions, dismissing both the Revenue's appeal and the assessee's cross-objection. It emphasized the sufficiency of the assessee's documentation in proving the genuineness of loan transactions and interest payments, while cautioning the AO to provide more substantial evidence when relying on third-party statements for reassessment. The Tribunal also supported the reopening of assessment under section 147 based on information from DIT(Inv.), distinguishing this case from others lacking specific links to alleged activities. en-us Thu, 28 Feb 2019 00:00:00 +0530 Sat, 21 Jan 2023 08:50:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306303 The Tribunal upheld the CIT(A)'s decisions, dismissing both the Revenue's appeal and the assessee's cross-objection. It emphasized the sufficiency of the assessee's documentation in proving the genuineness of loan transactions and interest payments, while cautioning the AO to provide more substantial evidence when relying on third-party statements for reassessment. The Tribunal also supported the reopening of assessment under section 147 based on information from DIT(Inv.), distinguishing this case from others lacking specific links to alleged activities. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306303