https://www.taxtmi.com/caselaws?id=398488 The Tribunal upheld the Ld. AO's addition of Rs. 9,30,487/- but set aside the Ld. CIT (A)'s decision to treat the entire purchase amount as income for AY 2009-10. Emphasizing the need for concrete evidence of transaction legitimacy, the Tribunal noted payments through banking channels indicated purchases were likely made from accounted money. The decision underscored the burden on the assessee to prove transaction authenticity, particularly in grey market contexts. Citing a similar case influenced by the Covid-19 pandemic, the Tribunal partially allowed the appeal, confirming the Ld. AO's order. en-us Tue, 28 Jul 2020 00:00:00 +0530 Thu, 17 Sep 2020 15:42:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398488 The Tribunal upheld the Ld. AO's addition of Rs. 9,30,487/- but set aside the Ld. CIT (A)'s decision to treat the entire purchase amount as income for AY 2009-10. Emphasizing the need for concrete evidence of transaction legitimacy, the Tribunal noted payments through banking channels indicated purchases were likely made from accounted money. The decision underscored the burden on the assessee to prove transaction authenticity, particularly in grey market contexts. Citing a similar case influenced by the Covid-19 pandemic, the Tribunal partially allowed the appeal, confirming the Ld. AO's order. Case-Laws Income Tax Tue, 28 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398488