https://www.taxtmi.com/caselaws?id=342221 The Appellate Tribunal allowed the appeal, holding that the genuineness of the transactions was established by the assessee, and the addition under section 68 of the Income Tax Act was not warranted. The Tribunal emphasized that as long as the direct source of investment was proven, the addition could not be invoked, distinguishing the case from precedents where irregularities were noted in bank statements. The revenue authorities were deemed free to investigate the investors if necessary, as the assessee fulfilled its obligation to prove the transactions' genuineness. en-us Wed, 26 Apr 2017 00:00:00 +0530 Sat, 29 Apr 2017 10:10:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342221 The Appellate Tribunal allowed the appeal, holding that the genuineness of the transactions was established by the assessee, and the addition under section 68 of the Income Tax Act was not warranted. The Tribunal emphasized that as long as the direct source of investment was proven, the addition could not be invoked, distinguishing the case from precedents where irregularities were noted in bank statements. The revenue authorities were deemed free to investigate the investors if necessary, as the assessee fulfilled its obligation to prove the transactions' genuineness. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342221