https://www.taxtmi.com/caselaws?id=268885 The ITAT upheld the Revenue's appeal against the CIT(A)'s deletion of an addition under Section 68 for alleged bogus accommodation entries. The ITAT found the assessee failed to establish the identity, creditworthiness, and genuineness of the transaction, not meeting the onus under Section 68. The CIT(A) erred in not applying Section 68 and compliance with procedural rules, leading to the restoration of the matter for de-novo assessment. The ITAT ordered a fresh assessment due to non-compliance and lack of conclusive evidence, acknowledging the validity of reassessment proceedings based on information from the Investigation Wing. en-us Fri, 06 Nov 2015 00:00:00 +0530 Fri, 04 Dec 2015 15:18:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268885 The ITAT upheld the Revenue's appeal against the CIT(A)'s deletion of an addition under Section 68 for alleged bogus accommodation entries. The ITAT found the assessee failed to establish the identity, creditworthiness, and genuineness of the transaction, not meeting the onus under Section 68. The CIT(A) erred in not applying Section 68 and compliance with procedural rules, leading to the restoration of the matter for de-novo assessment. The ITAT ordered a fresh assessment due to non-compliance and lack of conclusive evidence, acknowledging the validity of reassessment proceedings based on information from the Investigation Wing. Case-Laws Income Tax Fri, 06 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268885