https://www.taxtmi.com/caselaws?id=412195 The Tribunal allowed the appeals for both assessment years, directing the deletion of additions made under section 68. The Tribunal upheld the assessee's claim for exemption under section 10(38), emphasizing the necessity of concrete evidence in tax assessments and rejecting mere suspicions. The Tribunal found the AO and CIT(A) erred in treating genuine transactions as unexplained cash credits under section 68, highlighting the lack of evidence linking the assessee to alleged organized racketeering and manipulation of share prices. en-us Wed, 08 Sep 2021 00:00:00 +0530 Thu, 30 Dec 2021 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412195 The Tribunal allowed the appeals for both assessment years, directing the deletion of additions made under section 68. The Tribunal upheld the assessee's claim for exemption under section 10(38), emphasizing the necessity of concrete evidence in tax assessments and rejecting mere suspicions. The Tribunal found the AO and CIT(A) erred in treating genuine transactions as unexplained cash credits under section 68, highlighting the lack of evidence linking the assessee to alleged organized racketeering and manipulation of share prices. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412195