https://www.taxtmi.com/caselaws?id=220467 The High Court affirmed the decisions of the CIT(A) and the Tribunal in a case involving the deletion of an addition made by the AO under section 68 of the IT Act. The Court upheld that the share transaction was genuine, emphasizing the burden of proof on the tax department to disprove the genuineness of transactions effectively. The appellant provided substantial evidence, including share broker bills and bank statements, demonstrating the legitimacy of the transaction. The Court concluded that the AO's addition of the amount as undisclosed income was not legally justified, ultimately dismissing the appeal. en-us Wed, 16 Jan 2013 00:00:00 +0530 Fri, 25 Jan 2013 06:27:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220467 The High Court affirmed the decisions of the CIT(A) and the Tribunal in a case involving the deletion of an addition made by the AO under section 68 of the IT Act. The Court upheld that the share transaction was genuine, emphasizing the burden of proof on the tax department to disprove the genuineness of transactions effectively. The appellant provided substantial evidence, including share broker bills and bank statements, demonstrating the legitimacy of the transaction. The Court concluded that the AO's addition of the amount as undisclosed income was not legally justified, ultimately dismissing the appeal. Case-Laws Income Tax Wed, 16 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220467