https://www.taxtmi.com/caselaws?id=338642 The High Court dismissed the appeals, affirming the decisions of the lower authorities. It held that the additions made under Section 68 were unwarranted, emphasizing the lack of discrepancy in the evidence provided by the assessee. The Court upheld the reopening of assessment but directed deletion of the sums added by the Assessing Officer, highlighting the need for sound reasoning and evidence to establish fraudulent transactions. The Court agreed with the lower authorities' findings and rejected the Revenue's arguments regarding the application of Section 68, concluding that it was not applicable in this case. en-us Wed, 18 Jan 2017 00:00:00 +0530 Wed, 08 Feb 2017 13:04:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338642 The High Court dismissed the appeals, affirming the decisions of the lower authorities. It held that the additions made under Section 68 were unwarranted, emphasizing the lack of discrepancy in the evidence provided by the assessee. The Court upheld the reopening of assessment but directed deletion of the sums added by the Assessing Officer, highlighting the need for sound reasoning and evidence to establish fraudulent transactions. The Court agreed with the lower authorities' findings and rejected the Revenue's arguments regarding the application of Section 68, concluding that it was not applicable in this case. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338642