https://www.taxtmi.com/caselaws?id=346211 The appeal challenging the addition made under section 68 of the Act was allowed for statistical purposes. The order confirming the addition was set aside, and the case was remanded to the Assessing Officer for further examination. The appellant's argument that the onus of proof had been discharged regarding the receipt of advance against the proposed property sale was considered. The Tribunal emphasized the need for thorough investigation into the availability of funds with the buyer and verification of repayment claims. Ultimately, the case was sent back for verification and clarification on repayment of advance amounts and ownership status of the property. en-us Wed, 07 Dec 2016 00:00:00 +0530 Mon, 07 Aug 2017 11:23:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346211 The appeal challenging the addition made under section 68 of the Act was allowed for statistical purposes. The order confirming the addition was set aside, and the case was remanded to the Assessing Officer for further examination. The appellant's argument that the onus of proof had been discharged regarding the receipt of advance against the proposed property sale was considered. The Tribunal emphasized the need for thorough investigation into the availability of funds with the buyer and verification of repayment claims. Ultimately, the case was sent back for verification and clarification on repayment of advance amounts and ownership status of the property. Case-Laws Income Tax Wed, 07 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346211