https://www.taxtmi.com/caselaws?id=121142 The Appellate Tribunal upheld the CIT(A)'s decision to delete additions made by the Assessing Officer on unexplained sundry advances. The Tribunal emphasized the lack of verifiable evidence supporting the additions. Additionally, the Tribunal ruled the assessment completed by the Assessing Officer under section 143(3) of the Income-tax Act, 1961, as illegal and bad in law due to exceeding the prescribed time limits, quashing the assessment and dismissing the Revenue's appeal. The judgment stressed the significance of proving transaction genuineness and complying with legal assessment procedures. en-us Thu, 10 Aug 2006 00:00:00 +0530 Thu, 26 Jul 2012 18:27:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121142 The Appellate Tribunal upheld the CIT(A)'s decision to delete additions made by the Assessing Officer on unexplained sundry advances. The Tribunal emphasized the lack of verifiable evidence supporting the additions. Additionally, the Tribunal ruled the assessment completed by the Assessing Officer under section 143(3) of the Income-tax Act, 1961, as illegal and bad in law due to exceeding the prescribed time limits, quashing the assessment and dismissing the Revenue's appeal. The judgment stressed the significance of proving transaction genuineness and complying with legal assessment procedures. Case-Laws Income Tax Thu, 10 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121142