https://www.taxtmi.com/caselaws?id=342421 The Income Tax Appellate Tribunal (ITAT) allowed the appeal for statistical purposes, remanding the case back to the Assessing Officer (AO) for a de-novo determination. The ITAT emphasized the necessity of verifying the genuineness, creditworthiness, and identities of the creditors. The assessee was directed to provide all required evidence and explanations to support their claims under Section 68 of the Income-tax Act. The decision underscored the significance of due process and principles of natural justice in tax assessments, ensuring the assessee's opportunity to present their case adequately. en-us Mon, 10 Apr 2017 00:00:00 +0530 Thu, 04 May 2017 07:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342421 The Income Tax Appellate Tribunal (ITAT) allowed the appeal for statistical purposes, remanding the case back to the Assessing Officer (AO) for a de-novo determination. The ITAT emphasized the necessity of verifying the genuineness, creditworthiness, and identities of the creditors. The assessee was directed to provide all required evidence and explanations to support their claims under Section 68 of the Income-tax Act. The decision underscored the significance of due process and principles of natural justice in tax assessments, ensuring the assessee's opportunity to present their case adequately. Case-Laws Income Tax Mon, 10 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342421