https://www.taxtmi.com/caselaws?id=435126 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 4.11 crores under Section 68 of the Income Tax Act, emphasizing that the AO's reliance on unsubstantiated third-party statements without providing cross-examination opportunities was unjustified. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition and disallowance of interest expenditure. The validity of the reopening of assessment under Section 148 was not addressed as the primary issue was resolved on merits. en-us Wed, 22 Feb 2023 00:00:00 +0530 Mon, 13 Mar 2023 08:40:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435126 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 4.11 crores under Section 68 of the Income Tax Act, emphasizing that the AO's reliance on unsubstantiated third-party statements without providing cross-examination opportunities was unjustified. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition and disallowance of interest expenditure. The validity of the reopening of assessment under Section 148 was not addressed as the primary issue was resolved on merits. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435126