https://www.taxtmi.com/caselaws?id=309323 The High Court of Gujarat dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's order deleting the addition of Rs.1,92,50,000 under Section 68 of the Income Tax Act for the Assessment Year 2005-06. The Court held that the Assessing Officer should have verified with the coordinating Assessing Officer of the lender before disputing the transaction's genuineness. As there was no evidence that the lender's Assessing Officer disbelieved the transaction, the Court found no basis to question its credibility, ultimately ruling that no substantial question of law was involved. en-us Mon, 26 Mar 2012 00:00:00 +0530 Thu, 24 Aug 2023 16:08:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309323 The High Court of Gujarat dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's order deleting the addition of Rs.1,92,50,000 under Section 68 of the Income Tax Act for the Assessment Year 2005-06. The Court held that the Assessing Officer should have verified with the coordinating Assessing Officer of the lender before disputing the transaction's genuineness. As there was no evidence that the lender's Assessing Officer disbelieved the transaction, the Court found no basis to question its credibility, ultimately ruling that no substantial question of law was involved. Case-Laws Income Tax Mon, 26 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309323