https://www.taxtmi.com/caselaws?id=280575 The Tribunal dismissed the revenue's appeal and affirmed the Commissioner of Income-tax (Appeals)'s decision to delete the addition of Rs. 49 lacs under section 68 of the Income Tax Act. The Tribunal found that the genuineness and legitimacy of the transaction were adequately demonstrated by the assessee through a detailed money trail, including evidence of the flow of funds between related parties. The Tribunal emphasized that cash transactions should not be viewed with suspicion unless there is evidence of introducing the assessee's own money, ultimately upholding the deletion of the addition. en-us Tue, 08 Mar 2016 00:00:00 +0530 Sat, 11 May 2019 07:18:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280575 The Tribunal dismissed the revenue's appeal and affirmed the Commissioner of Income-tax (Appeals)'s decision to delete the addition of Rs. 49 lacs under section 68 of the Income Tax Act. The Tribunal found that the genuineness and legitimacy of the transaction were adequately demonstrated by the assessee through a detailed money trail, including evidence of the flow of funds between related parties. The Tribunal emphasized that cash transactions should not be viewed with suspicion unless there is evidence of introducing the assessee's own money, ultimately upholding the deletion of the addition. Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280575