https://www.taxtmi.com/caselaws?id=285664 An addition under section 68 in respect of alleged share-sale proceeds was challenged on the basis that the genuineness of the transaction had not been established with certainty. The adverse inference rested on non-response to notices issued to the broker, uncertainty over service of summons, and stock exchange information that was said to be inconclusive, but the inquiry was found to be incomplete and undertaken at the end of the assessment proceedings. Because effective compliance and further verification were not adequately possible on the record, the matter was restored to the Assessing Officer for fresh adjudication and the addition was not finally sustained. en-us Mon, 06 Dec 2010 00:00:00 +0530 Tue, 21 Jan 2020 11:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285664 An addition under section 68 in respect of alleged share-sale proceeds was challenged on the basis that the genuineness of the transaction had not been established with certainty. The adverse inference rested on non-response to notices issued to the broker, uncertainty over service of summons, and stock exchange information that was said to be inconclusive, but the inquiry was found to be incomplete and undertaken at the end of the assessment proceedings. Because effective compliance and further verification were not adequately possible on the record, the matter was restored to the Assessing Officer for fresh adjudication and the addition was not finally sustained. Case-Laws Income Tax Mon, 06 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285664