https://www.taxtmi.com/caselaws?id=393873 An addition under section 68 was treated as unsustainable where the assessee supported a joint venture receipt with contemporaneous documents, including the agreement, correspondence, board resolutions, project records, land conversion papers, bank entries and repayment evidence on cancellation. The adverse third-party statements relied on were found unreliable because one was recorded without furnishing the full material or allowing cross-examination, and the other was retracted by affidavit and complaint. As the revenue did not carry out independent inquiry to discredit the documents or establish that the transaction was a sham, the addition was deleted. en-us Fri, 20 Mar 2020 00:00:00 +0530 Tue, 24 Mar 2020 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393873 An addition under section 68 was treated as unsustainable where the assessee supported a joint venture receipt with contemporaneous documents, including the agreement, correspondence, board resolutions, project records, land conversion papers, bank entries and repayment evidence on cancellation. The adverse third-party statements relied on were found unreliable because one was recorded without furnishing the full material or allowing cross-examination, and the other was retracted by affidavit and complaint. As the revenue did not carry out independent inquiry to discredit the documents or establish that the transaction was a sham, the addition was deleted. Case-Laws Income Tax Fri, 20 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393873