https://www.taxtmi.com/caselaws?id=443961 The Tribunal upheld the CIT(A)'s decision to delete the additions made by the AO under Section 68 of the IT Act for unexplained cash credit and interest. It found that the AO failed to provide material evidence to prove the transactions were bogus, did not conduct an independent inquiry, and the assessee had sufficiently proven the genuineness of the transactions. The Tribunal emphasized the importance of independent investigation and dismissed the Revenue's appeal, affirming the CIT(A)'s order. en-us Wed, 31 May 2023 00:00:00 +0530 Fri, 06 Oct 2023 08:17:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443961 The Tribunal upheld the CIT(A)'s decision to delete the additions made by the AO under Section 68 of the IT Act for unexplained cash credit and interest. It found that the AO failed to provide material evidence to prove the transactions were bogus, did not conduct an independent inquiry, and the assessee had sufficiently proven the genuineness of the transactions. The Tribunal emphasized the importance of independent investigation and dismissed the Revenue's appeal, affirming the CIT(A)'s order. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443961