https://www.taxtmi.com/caselaws?id=314064 The ITAT dismissed the Revenue's appeal against the CIT(A)'s decision to delete the addition of Rs. 4,56,50,000 under Section 143(3) of the Income Tax Act, 1961. The bench determined that the AO failed to discredit the evidence provided by the assessee regarding the unsecured loans. The CIT(A) had thoroughly examined the identity and genuineness of the transactions, and the bench found no merit in the Revenue's reliance on the Supreme Court judgment or the 2022 amendment to Section 68. Consequently, the appeal lacked substance, and the CIT(A)'s order was upheld. en-us Mon, 07 Aug 2023 00:00:00 +0530 Thu, 16 May 2024 06:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314064 The ITAT dismissed the Revenue's appeal against the CIT(A)'s decision to delete the addition of Rs. 4,56,50,000 under Section 143(3) of the Income Tax Act, 1961. The bench determined that the AO failed to discredit the evidence provided by the assessee regarding the unsecured loans. The CIT(A) had thoroughly examined the identity and genuineness of the transactions, and the bench found no merit in the Revenue's reliance on the Supreme Court judgment or the 2022 amendment to Section 68. Consequently, the appeal lacked substance, and the CIT(A)'s order was upheld. Case-Laws Income Tax Mon, 07 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314064