https://www.taxtmi.com/caselaws?id=436070 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete additions made under Section 68 of the Income Tax Act amounting to Rs. 7,63,88,871. The Tribunal found that the Assessing Officer erred in not considering the evidence provided by the assessee to establish the genuineness and creditworthiness of the creditors. The additions were deemed unjustified as they related to opening balances from previous years and interest credited during the year, not constituting fresh receipts. The Department's appeal was dismissed, affirming the CIT(A)'s order. en-us Wed, 22 Mar 2023 00:00:00 +0530 Tue, 04 Apr 2023 08:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436070 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete additions made under Section 68 of the Income Tax Act amounting to Rs. 7,63,88,871. The Tribunal found that the Assessing Officer erred in not considering the evidence provided by the assessee to establish the genuineness and creditworthiness of the creditors. The additions were deemed unjustified as they related to opening balances from previous years and interest credited during the year, not constituting fresh receipts. The Department's appeal was dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436070