https://www.taxtmi.com/caselaws?id=388799 The Tribunal remitted the case back to the Assessing Officer for re-adjudication, emphasizing the need for the assessee to have a fair opportunity to prove the genuineness of transactions. The Tribunal highlighted the importance of assessments being supported by concrete evidence rather than mere suspicion. The decision underscored the significance of providing assessees with adequate chances to defend their claims and ensuring that assessments are based on factual materials. The appeal was partly allowed for statistical purposes, and the issue of exemption under Section 10(38) was sent back to the AO for further review. en-us Mon, 18 Nov 2019 00:00:00 +0530 Sat, 23 Nov 2019 09:54:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388799 The Tribunal remitted the case back to the Assessing Officer for re-adjudication, emphasizing the need for the assessee to have a fair opportunity to prove the genuineness of transactions. The Tribunal highlighted the importance of assessments being supported by concrete evidence rather than mere suspicion. The decision underscored the significance of providing assessees with adequate chances to defend their claims and ensuring that assessments are based on factual materials. The appeal was partly allowed for statistical purposes, and the issue of exemption under Section 10(38) was sent back to the AO for further review. Case-Laws Income Tax Mon, 18 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388799