https://www.taxtmi.com/caselaws?id=400461 The ITAT upheld the decision of the Ld CIT(A) to delete the addition under section 68 of the Act for the assessment year 2014-15. It concluded that the assessee successfully demonstrated the source and legitimacy of the funds, fulfilling the burden of proof. The ITAT dismissed the AO's claims, citing insufficient evidence and emphasizing the importance of legal precedents. The judgment ultimately favored the assessee, affirming the genuineness of the transactions and the partnership firm's legitimacy. en-us Mon, 02 Nov 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400461 The ITAT upheld the decision of the Ld CIT(A) to delete the addition under section 68 of the Act for the assessment year 2014-15. It concluded that the assessee successfully demonstrated the source and legitimacy of the funds, fulfilling the burden of proof. The ITAT dismissed the AO's claims, citing insufficient evidence and emphasizing the importance of legal precedents. The judgment ultimately favored the assessee, affirming the genuineness of the transactions and the partnership firm's legitimacy. Case-Laws Income Tax Mon, 02 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400461