https://www.taxtmi.com/caselaws?id=306304 The Tribunal allowed the appeals in favor of the assessee, directing the deletion of additions made under Section 68 of the Income Tax Act for various assessment years. The Tribunal held that the assessee had sufficiently proven the genuineness of the loan transactions, criticizing the AO's reliance on investigation reports without allowing cross-examination or conducting further inquiries. The judgment emphasized the importance of providing opportunities for cross-examination and highlighted that once the initial burden of proof is met by the assessee, the burden shifts to the AO to disprove the claims with substantial evidence. en-us Wed, 13 Mar 2019 00:00:00 +0530 Sat, 21 Jan 2023 08:50:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306304 The Tribunal allowed the appeals in favor of the assessee, directing the deletion of additions made under Section 68 of the Income Tax Act for various assessment years. The Tribunal held that the assessee had sufficiently proven the genuineness of the loan transactions, criticizing the AO's reliance on investigation reports without allowing cross-examination or conducting further inquiries. The judgment emphasized the importance of providing opportunities for cross-examination and highlighted that once the initial burden of proof is met by the assessee, the burden shifts to the AO to disprove the claims with substantial evidence. Case-Laws Income Tax Wed, 13 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306304