https://www.taxtmi.com/caselaws?id=416312 The Tribunal allowed the appeal, directing the deletion of additions made under Sections 68 and 69C of the Income-tax Act, 1961. Emphasizing the need for concrete evidence and cross-examination, the Tribunal held that additions cannot be based on assumptions or third-party statements. Citing judicial precedents, the Tribunal found the transactions genuine, similar to previous cases, and ordered the Assessing Officer to delete the additions totaling Rs. 5,49,04,773 and Rs. 16,47,143 under Sections 68 and 69C, respectively. en-us Thu, 23 Dec 2021 00:00:00 +0530 Sat, 25 Dec 2021 08:43:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416312 The Tribunal allowed the appeal, directing the deletion of additions made under Sections 68 and 69C of the Income-tax Act, 1961. Emphasizing the need for concrete evidence and cross-examination, the Tribunal held that additions cannot be based on assumptions or third-party statements. Citing judicial precedents, the Tribunal found the transactions genuine, similar to previous cases, and ordered the Assessing Officer to delete the additions totaling Rs. 5,49,04,773 and Rs. 16,47,143 under Sections 68 and 69C, respectively. Case-Laws Income Tax Thu, 23 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416312