https://www.taxtmi.com/caselaws?id=401830 The Tribunal found in favor of the assessee, ruling that the Assessing Officer (AO) lacked substantial evidence to support allegations of bogus transactions. The AO's reliance on prior material without further investigation weakened the case. The additions of Rs. 50,00,000 under Section 68 and related amounts were directed to be deleted. The assessee's appeal was allowed, highlighting the insufficiency of evidence and procedural flaws in the assessment process. en-us Mon, 14 Dec 2020 00:00:00 +0530 Thu, 17 Dec 2020 10:01:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401830 The Tribunal found in favor of the assessee, ruling that the Assessing Officer (AO) lacked substantial evidence to support allegations of bogus transactions. The AO's reliance on prior material without further investigation weakened the case. The additions of Rs. 50,00,000 under Section 68 and related amounts were directed to be deleted. The assessee's appeal was allowed, highlighting the insufficiency of evidence and procedural flaws in the assessment process. Case-Laws Income Tax Mon, 14 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401830