https://www.taxtmi.com/caselaws?id=433708 The Tribunal upheld the CIT(A)'s decision to delete an addition of Rs.1,48,25,000/- made by the Assessing Officer under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transactions, shifting the burden to the Revenue to disprove the claims, which they failed to do. The Tribunal emphasized that the AO must provide substantial evidence to counter the assessee's evidence, leading to the dismissal of the Revenue's appeal. en-us Mon, 30 Jan 2023 00:00:00 +0530 Tue, 07 Feb 2023 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433708 The Tribunal upheld the CIT(A)'s decision to delete an addition of Rs.1,48,25,000/- made by the Assessing Officer under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transactions, shifting the burden to the Revenue to disprove the claims, which they failed to do. The Tribunal emphasized that the AO must provide substantial evidence to counter the assessee's evidence, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 30 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433708