https://www.taxtmi.com/caselaws?id=382984 The High Court upheld the deletion of an addition to the Assessee's income under Section 68 of the Income Tax Act. The Court found that the Revenue failed to prove the transactions as bogus despite the Assessee providing evidence of the parties' identity and creditworthiness. Additionally, the Court ruled that the initiation of reassessment proceedings under Section 147 instead of Section 153C was unjustified, as all relevant details were already on record. The Court dismissed the Revenue's appeal, affirming the decisions of the lower authorities. en-us Wed, 10 Jul 2019 00:00:00 +0530 Sat, 13 Jul 2019 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382984 The High Court upheld the deletion of an addition to the Assessee's income under Section 68 of the Income Tax Act. The Court found that the Revenue failed to prove the transactions as bogus despite the Assessee providing evidence of the parties' identity and creditworthiness. Additionally, the Court ruled that the initiation of reassessment proceedings under Section 147 instead of Section 153C was unjustified, as all relevant details were already on record. The Court dismissed the Revenue's appeal, affirming the decisions of the lower authorities. Case-Laws Income Tax Wed, 10 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382984