https://www.taxtmi.com/caselaws?id=380598 The Appellate Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition made under Section 68 of the Income Tax Act. The Tribunal criticized the Commissioner of Income Tax [Appeals] for not thoroughly examining the transactions before applying Section 68 and emphasized that no fresh opportunity should be granted to reexamine facts. The decision highlighted discrepancies in the application of Sections 69C and 68 and supported the legitimacy of the disputed transactions based on detailed explanations and evidence provided by the assessee. en-us Wed, 22 May 2019 00:00:00 +0530 Thu, 23 May 2019 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380598 The Appellate Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition made under Section 68 of the Income Tax Act. The Tribunal criticized the Commissioner of Income Tax [Appeals] for not thoroughly examining the transactions before applying Section 68 and emphasized that no fresh opportunity should be granted to reexamine facts. The decision highlighted discrepancies in the application of Sections 69C and 68 and supported the legitimacy of the disputed transactions based on detailed explanations and evidence provided by the assessee. Case-Laws Income Tax Wed, 22 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380598