https://www.taxtmi.com/caselaws?id=438235 The Tribunal set aside the addition of Rs.20,00,000 under Section 68 of the Income Tax Act by the ld. CIT(Appeals) for Assessment Year 2015-16. It found that the assessing officer had not adequately verified the genuineness of the loans received by the assessee from certain companies and had relied on unsubstantiated statements. The Tribunal directed a fresh examination by the assessing officer, emphasizing the importance of thoroughly investigating the loan transactions' authenticity and providing the assessee with a fair hearing opportunity. en-us Mon, 01 May 2023 00:00:00 +0530 Fri, 26 May 2023 08:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438235 The Tribunal set aside the addition of Rs.20,00,000 under Section 68 of the Income Tax Act by the ld. CIT(Appeals) for Assessment Year 2015-16. It found that the assessing officer had not adequately verified the genuineness of the loans received by the assessee from certain companies and had relied on unsubstantiated statements. The Tribunal directed a fresh examination by the assessing officer, emphasizing the importance of thoroughly investigating the loan transactions' authenticity and providing the assessee with a fair hearing opportunity. Case-Laws Income Tax Mon, 01 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438235