https://www.taxtmi.com/caselaws?id=282618 The Tribunal upheld the Assessing Officer's decision to deny exemption under Section 10(38) of the Income Tax Act and treat the entire sale consideration as unexplained cash credit under Section 68. The Tribunal found the transactions to be premeditated for tax evasion, lacking genuine financial indicators. Citing legal precedents, the Tribunal emphasized the assessee's burden to prove transaction genuineness. The appeal was dismissed, affirming the AO's assessment without granting further evidence submission opportunity to the assessee. en-us Tue, 15 May 2018 00:00:00 +0530 Fri, 16 Aug 2019 06:44:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282618 The Tribunal upheld the Assessing Officer's decision to deny exemption under Section 10(38) of the Income Tax Act and treat the entire sale consideration as unexplained cash credit under Section 68. The Tribunal found the transactions to be premeditated for tax evasion, lacking genuine financial indicators. Citing legal precedents, the Tribunal emphasized the assessee's burden to prove transaction genuineness. The appeal was dismissed, affirming the AO's assessment without granting further evidence submission opportunity to the assessee. Case-Laws Income Tax Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282618