https://www.taxtmi.com/caselaws?id=448636 ITAT Mumbai upheld CIT-A's deletion of addition under section 68. Assessee successfully discharged initial onus by proving lender's identity, creditworthiness, and transaction genuineness through confirmations, ledger, bank statements, and income tax returns. AO failed to conduct adequate enquiry, relied solely on retracted investigation statements, and violated natural justice principles by denying cross-examination opportunity. Since AO did not properly challenge assessee's evidence or shift burden back, the deletion was confirmed. Appeal decided in assessee's favor. en-us Mon, 22 Jan 2024 00:00:00 +0530 Wed, 13 May 2026 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448636 ITAT Mumbai upheld CIT-A's deletion of addition under section 68. Assessee successfully discharged initial onus by proving lender's identity, creditworthiness, and transaction genuineness through confirmations, ledger, bank statements, and income tax returns. AO failed to conduct adequate enquiry, relied solely on retracted investigation statements, and violated natural justice principles by denying cross-examination opportunity. Since AO did not properly challenge assessee's evidence or shift burden back, the deletion was confirmed. Appeal decided in assessee's favor. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448636