https://www.taxtmi.com/caselaws?id=397813 The appeal filed by the revenue challenging the addition of Rs. 16,50,08,000/- under Section 68 of the Income Tax Act was dismissed. The deletion of the addition was upheld by the Appellate Tribunal, confirming the decision of the Commissioner of Income Tax (Appeals). The Tribunal found that the demerger was sanctioned by the High Court, the transactions were genuine, and there was no evidence of unexplained money being introduced. The delay in pronouncing the order was attributed to the COVID-19 lockdown, but the decision remained in favor of deleting the addition. en-us Mon, 24 Aug 2020 00:00:00 +0530 Sat, 29 Aug 2020 19:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397813 The appeal filed by the revenue challenging the addition of Rs. 16,50,08,000/- under Section 68 of the Income Tax Act was dismissed. The deletion of the addition was upheld by the Appellate Tribunal, confirming the decision of the Commissioner of Income Tax (Appeals). The Tribunal found that the demerger was sanctioned by the High Court, the transactions were genuine, and there was no evidence of unexplained money being introduced. The delay in pronouncing the order was attributed to the COVID-19 lockdown, but the decision remained in favor of deleting the addition. Case-Laws Income Tax Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397813