https://www.taxtmi.com/caselaws?id=351621 The Tribunal allowed the Assessee's appeal, deleting the addition of Rs. 10 lakhs made under section 68 for the advance received for the sale of property. The Tribunal found that the Assessee had entered into a genuine transaction, evidenced by the ownership of the property, cancellation of the deal, and supporting documents provided. It was held that the Assessee met the burden of proof without needing to establish the source of the source of funds under section 68, leading to the appeal being allowed based on legal precedents and case-specific circumstances. en-us Mon, 27 Nov 2017 00:00:00 +0530 Tue, 28 Nov 2017 08:41:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351621 The Tribunal allowed the Assessee's appeal, deleting the addition of Rs. 10 lakhs made under section 68 for the advance received for the sale of property. The Tribunal found that the Assessee had entered into a genuine transaction, evidenced by the ownership of the property, cancellation of the deal, and supporting documents provided. It was held that the Assessee met the burden of proof without needing to establish the source of the source of funds under section 68, leading to the appeal being allowed based on legal precedents and case-specific circumstances. Case-Laws Income Tax Mon, 27 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351621