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2016 (1) TMI 1290 - AT - Income TaxAddition u/s 68 - Held that:- Assessee has produced all necessary and possible evidence to prove the identity, creditworthiness, and genuineness of the transaction. The A.O. has simply rejected these evidences. There is no independent investigation by the A.O. There is no material with the A.O. to disprove the claim of the assessee. The Ld. CIT(A) has failed in his duty to properly appreciate the evidences. The assessee has also produced evidence in the form of repayment of the above loan to Mr. Balvinder Singh to further substantiate his claim. The payments have been done through banking channels. In view of the above evidences, the addition in question has to be deleted. We therefore delete the addition and allow the appeal filed by the assessee.
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