https://www.taxtmi.com/caselaws?id=327348 The Tribunal allowed the appeal of the assessee, directing the AO to delete the addition of Rs. 66,87,55,158 under Section 69C of the Income Tax Act. It was found that the transaction was genuine, payment was legitimate, and the goodwill write-off was properly disclosed, not constituting tax evasion. The Tribunal emphasized that the addition was unjustified, and the CIT(A)'s order lacked detailed reasoning. The decision mirrored ITA No.2350/Mum/2015, resulting in the allowance of the assessee's appeals, pronounced on 23rd March 2016. en-us Wed, 23 Mar 2016 00:00:00 +0530 Mon, 09 May 2016 00:40:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327348 The Tribunal allowed the appeal of the assessee, directing the AO to delete the addition of Rs. 66,87,55,158 under Section 69C of the Income Tax Act. It was found that the transaction was genuine, payment was legitimate, and the goodwill write-off was properly disclosed, not constituting tax evasion. The Tribunal emphasized that the addition was unjustified, and the CIT(A)'s order lacked detailed reasoning. The decision mirrored ITA No.2350/Mum/2015, resulting in the allowance of the assessee's appeals, pronounced on 23rd March 2016. Case-Laws Income Tax Wed, 23 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327348