https://www.taxtmi.com/caselaws?id=461200 The Tribunal upheld the CIT(A)'s decision to delete the addition of 2,45,59,316/- made by the AO under Section 68 of the Income Tax Act. The Tribunal found that the assessee provided sufficient evidence to establish the identity, genuineness, and creditworthiness of the transactions. The AO's failure to conduct a thorough inquiry into the evidence presented by the assessee was a critical factor in the Tribunal's decision. Consequently, the Tribunal dismissed the Revenue's appeal, supporting the CIT(A)'s findings that the transactions were genuine. en-us Wed, 15 Jan 2025 00:00:00 +0530 Thu, 20 Mar 2025 19:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461200 The Tribunal upheld the CIT(A)'s decision to delete the addition of 2,45,59,316/- made by the AO under Section 68 of the Income Tax Act. The Tribunal found that the assessee provided sufficient evidence to establish the identity, genuineness, and creditworthiness of the transactions. The AO's failure to conduct a thorough inquiry into the evidence presented by the assessee was a critical factor in the Tribunal's decision. Consequently, the Tribunal dismissed the Revenue's appeal, supporting the CIT(A)'s findings that the transactions were genuine. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461200